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US National Debt Reaches $35T

  • #Finance
  • #United States of America
  • #Governance
  • #Politics
US National Debt Reaches $35T
story
JUL 2024
Above: A statue of Albert Gallatin, a former US Secretary of the Treasury, stands in front of The Treasury Building in Washington, DC. Image copyright: Robert Alexander/Contributor/Archive Photos via Getty Images
story last updated JUL 2024

The Spin

Republican narrative

When facing a shortfall, the common sense answer is to reduce spending, but Democrats have decided to tax their way out of this crisis to fuel an inflationary agenda. Fiscal discipline is the only solution, not wanton tax-and-spend policies, and America needs real leadership to bear down on wasteful spending and keep the coffers full. This wasteful deficit spending is not sustainable.

Daily Wire

Democratic narrative

The Republicans under Trump have gone from deficit hawks to massive spenders. Their agenda, which involves extending Trump's tax cuts for the rich and making Medicare fork over more money to Big Pharma, is designed to deprive the government of much-needed funding, not solve the debt problem whatsoever. Their "starve the beast" strategy has made America more indebted.

The White House

Cynical narrative

Every politician loves to talk about the national debt when convenient, but no politician actually seems to want to reduce it. Economists agree that the US is heading off a fiscal cliff, but the solutions for the problem are too unpalatable for any major party to discuss. Tackling the debt will require reforming Social Security and Medicare — political suicide — and other hard-nosed solutions.

Reason.com

Metaculus Prediction


Political split

LEFT

RIGHT

National Debt Surpasses $35 Trillion; GOP Raises The Alarm
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New Treasury Department Data Should Be a Cause for Alarm
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Kamala Harris and Donald Trump both plan to boost spending. How would that affect the federal debt?
CBSOCT 2024
U.S. National Debt Tops $35 Trillion for First Time
New York TimesJUL 2024
US national debt hits a new record: $35 trillion
FOX NewsJUL 2024