Both the Democratic and Republican Parties have agreed to ignore the level of the US public debt, James Freeman, a journalist at The Wall Street Journal, wrote, Report informs via TASS.
In his opinion, "both major parties, in fact, agreed to ignore Washington's debt," as well as a huge annual deficit in the absence of an emergency situation in the country. Freeman also believes that after the November 5 presidential election, Americans will have to unite and demand that the winner think about financial sanity, "before global investors do it."
The journalist is convinced that regardless of who wins the election - Republican presidential candidate Donald Trump or his Democratic rival Kamala Harris - the next president will be forced to "spend much less than he promised" during his election campaign.
On July 29, the US Treasury Department announced that the country's public debt exceeded $35 trillion for the first time in history. According to forecasts by the Congressional Budget Office, the national debt in 2034 will exceed $50 trillion (122% of GDP). According to the management's assessment, the average annual GDP growth in 2029-2034 will be 1.8%.