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The Federal Deficit: Who Cares? 10/29/24
Oct 29, 2024
Eamon Javers, CNBC’s senior Washington correspondent, weighs in on the alarming growth of the federal budget deficit and its implications for the upcoming elections. Steve Liesman, CNBC’s economics reporter, reveals the surprising public indifference towards soaring national debt and its economic repercussions. Meanwhile, Axios co-founder Mike Allen examines the confidence in MAGA-World just days before the election, while discussing how a potential Trump win could reshape fiscal policies. The conversation highlights the urgent need for responsible fiscal management amid political uncertainty.
38:35
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Quick takeaways
- The federal deficit is projected to increase significantly regardless of the election outcome, raising concerns about economic resilience.
- Jeff Bezos's decision to abstain from political endorsements reflects the media's struggle to maintain independence and public trust amidst rising misinformation.
Deep dives
The Federal Deficit and Economic Health
The rising federal deficit is a pressing concern that will continue to grow regardless of the election outcome. Analyses indicate that both major candidates' policies will lead to significant increases in national debt, with estimates projecting that Trump's plan could add nearly $8 trillion while Harris's plan could increase debt by up to $4 trillion through 2035. This has raised questions about political will and public concern over deficits, as both voters and politicians seem detached from the urgency of the issue. Consequently, this growing debt could hinder the government's ability to respond to economic downturns in the future.
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