Statement by Maya MacGuineas on Vice Presidential Debate
Last night’s vice presidential debate included important fiscal issues that have been largely ignored in this campaign. Neither candidate responded in any depth. Voters need more specifics on how the presidential candidates plan to address these critical issues, which are intimately linked to economic growth, economic security and our future prosperity.
The debt matters. It is at an historic post-World War II era high, and it is growing faster than the economy. Neither campaign has put forward a plan that devotes even a single penny to reducing the debt and putting it on a sustainable path, and our report Promises and Price Tags shows in detail that both candidates would make the debt worse, and Donald Trump's plan would add over $5 trillion more to it.
Social Security’s trust funds are on track to run out by 2034, just as today’s 49-year-olds are reaching the normal retirement age. Failure to address the program’s finances in a timely manner will trigger automatic across-the-board cuts, including a $10,000-a-year cut for a typical couple just entering retirement. Thoughtful Social Security reform must be a national priority to protect the retirement security of millions of current and future beneficiaries.
We didn’t learn much last night about what the two tickets would do to improve our fiscal and economic future. Neither has a plan to save Social Security or stem the growth of our debt. That makes the last two presidential debates all the more important.
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For more information, contact Patrick Newton, press secretary, at newton@crfb.org.