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What Harris, Trump's spending plans could mean for national debt

The US national debt amounts to over $35.68 trillion in October 2024 as the presidential election is just weeks away and neither Vice President Kamala Harris or former President Donald Trump have divulged much on how they could expect to tame the debt Committee for a Responsible Federal Budget (CRFB) President Maya MacGuineas joins the Market Domination Overtime team to discuss how either candidate's policy and spending proposals could impact the national debt if elected. The two biggest government programs, Social Security and Medicare, both have trust funds that are headed towards insolvency. And when that happens, there will be across the board benefit cuts for Social Security, for all current retirees and beneficiaries, and across the board provider cuts for Medicare, meaning they'll be less medical care available," MacGuineas says about entitlement programs. "And instead of addressing those very real, very significant problems, we have both candidates promising not to touch benefits for any retiree. And that's supposed to be reassuring. But I promise you, if you're somebody who's on Social Security and you know that in roughly a decade you're going to have across the board benefit cuts of 20%, there's nothing reassuring about that." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.