One of the first questions at last night’s debate was about the national debt, and for good reason.
Host Jake Tapper cited recent nonpartisan analysis from the Committee for a Responsible Federal Budget, which showed that former President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, while President Biden, in his first three years and five months in office, approved $4.3 trillion.
With our debt outlook worsening and critical budget deadlines approaching next year, this is a fiscal election.
The leaders we elect this fall will face significant budgetary challenges and decision points during their terms on issues that matter to every American - on taxes, healthcare, Social Security, Medicare, the debt ceiling and more.
Both candidates on the debate stage last night were asked critical questions about the state of our fiscal future, the strength of our economy, and the sustainability of vital programs like Social Security.
Why does this matter?
The national debt overall is expected to exceed its high relative to the size of the economy in just three years, exceeding the previous record set shortly after World War II. Interest costs are growing rapidly, rising from $352 billion in 2021 to a projected $892 billion in 2024 — 2.5 times higher in only three years. And Social Security — which was also asked about at the debate — is on a rapid path to depletion. In fact, without reforms, in just nine years there will be a 21% automatic cut for all Social Security beneficiaries, amounting to nearly $17,000 per year for the average couple.
Recent Peterson Foundation polling, conducted jointly by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research, finds that voters across party lines believe it is important to elect candidates who are committed to:
As the election moves forward, voters should hold their candidates accountable to answering questions about what they will do about taxes, debt reduction, Social Security and more. Fiscal issues and the sustainability of our economy are on the ballot this November.
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