Yahoo Finance | What Harris, Trump's spending plans mean for national debt @YahooFinance | Uploaded October 2024 | Updated October 2024, 1 week ago.
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."
#news #youtube #election
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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."
#news #youtube #election
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (apple.co/3Rten0R) or Android (bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: twitter.com/YahooFinance
Instagram: instagram.com/yahoofinance/?hl=en
TikTok: tiktok.com/@yahoofinance?lang=en
Facebook: facebook.com/yahoofinance
LinkedIn: linkedin.com/company/yahoo-finance
