Analysis of projected national debt increases under Kamala Harris and Donald Trump

This analysis highlights the fiscal implications of both candidates’ proposals as the nation grapples with burgeoning debt levels, currently exceeding $28 trillion. Harris’s campaign asserts that her investments in the middle class and housing would be offset by higher taxes on corporations and wealthy individuals, aiming for fiscal responsibility. However, the analysis suggests that even with these tax increases, Harris’s plans may not fully cover the costs, leading to a net increase in the debt. In contrast, Trump’s approach, which includes significant tax cuts and spending initiatives, is projected to exacerbate the deficit more dramatically, despite claims of robust economic growth. The report underscores a broader concern that under either candidate, national debt is likely to grow faster than the economy, raising questions about long-term fiscal sustainability.

Key Findings

• Harris’s Proposals:
  • Estimated increase in national debt: $3.5 trillion over 10 years.
  • Proposed tax increases may not fully offset her spending plans.
  • Potential worst-case scenario could see debt rise by as much as $8.1 trillion.
• Trump’s Proposals:
  • Estimated increase in national debt: $7.5 trillion, with a potential high of $15.2 trillion.
  • Tax cuts and additional spending initiatives could significantly widen the deficit.
  • Reliance on tariff revenues may not be sufficient to cover proposed expenditures.

Implications for the Future

Both candidates face the challenge of addressing national debt while implementing their economic agendas. The analysis suggests that neither has prioritized deficit reduction in their platforms, which could lead to continued borrowing and increased financial strain on future administrations. The projected debt increases raise important questions about fiscal responsibility and the long-term economic health of the country.