The Republican and Democratic parties of the United States have agreed to ignore the size of the country’s national debt and budget deficit, said James Freeman, editor of The Wall Street Journal.
In July, the US Treasury Department announced that the country’s national debt exceeded $35 trillion for the first time in history. The Congressional Budget Office forecasts that the national debt will exceed $50 trillion (122% of GDP) in 2034. Average annual GDP growth between 2029 and 2034 will be 1.8%.
‘Both major parties (Democratic and Republican – ed.) have essentially agreed to ignore Washington’s World War II-era debt levels and gigantic annual deficits in the absence of a national emergency,’ James Freeman wrote.
According to the author, regardless of who wins the US presidential election – Republican Donald Trump or Democratic Party candidate Kamala Harris – the next White House chief will be forced to ‘spend far less than he promised’ during his campaign.
Freeman also noted that the US ‘can’t afford to become Argentina’ and suggests that with such a large national debt, Americans will need ‘not only hope, but prayer.’
Recall, earlier the channel News Nation said that the inhabitants of the United States have more debt than at any time in history. Today, the cost of living for the average American has increased by 14 per cent, and the total debt of American citizens has reached $17 trillion.
