Former Wall Street Journal editor Gerald Seib criticized both 2024 presidential tickets on CNBC Wednesday for not campaigning on reducing the federal deficit and debt.
Both Vice President Kamala Harris and former President Donald Trump’s campaigns have targeted each other on their policies related to the economy, as voters continue to prioritize it as a top concern for the upcoming November election. However, during an appearance on “The Exchange,” Seib called out both parties for failing to address the deficit or debt crisis in the U.S., describing it as a “great long-term danger lurking.”
“Well, you’ve got a really important point and an intriguing one about this entire campaign, which is the two words you don’t hear at either convention, really, or out on the trail are deficit and debt. Yes, it’s true the markets don’t seem to care. The markets don’t care until they do and when they do care, it’s probably too late to really fix the problem,” Seib said.
“I think and I’ve written that there is a great long-term danger lurking here. There’s a debate about when that point of crisis might arrive, but it’s out there somewhere,” Seib continued. “And it’s really striking that neither party is interested in talking about the deficit or the debt, even when it comes to attacking the other side for having increased the deficit.”
In late July the national debt surpassed $35 trillion for the first time in American history, after having increased over $7 trillion since Biden was inaugurated in January 2021. Costly initiatives under the Biden administration such as the American Rescue Plan and the Inflation Reduction Act have contributed to the rising debt.
The former WSJ editor continued to state that both campaigns have been lax about addressing the issue due to both of their administrations contributing significantly to the debt. Seib also pointed out both parties are in “populist mode,” stating each party is essentially warning to keep “hands off of entitlements.” (RELATED: Economist Warns Harris’ Corporate Tax Hike Could Slash Americans’ 401(k)’s By Double Digits)
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Ex-WSJ Editor Rips Both Presidential Tickets For Not Campaigning On Damming Debt Deluge pic.twitter.com/OHEN5cZM73
— Daily Caller (@DailyCaller) August 21, 2024
“You know, the Democrats made some noises after the convention this week about the Trump record of having increased the national debt while he was in charge on his watch. But that hasn’t been a big point of view, because I don’t think the Democrats want to talk very much about doing something on that front either. Because, as you suggest, the two big places to go are defense spending and even more so entitlement spending — Social Security, Medicare,” Sieb said.
“Neither party wants to touch that, they’re in populist mode right now. That’s true of the Republicans, and that’s true of the Democrats. And it’s part of that populist mode they’re basically saying hands off of entitlements,” Sieb continued. “This is a stark contrast, particularly for Republicans, who just eight years ago were talking about doing something to make the Social Security and Medicare system more solvent for the long term, not now.”
Over the past week, Harris has faced major pushback from pundits on both sides after unveiling her economic plan meant to address economic issues like high prices. Critics have specifically called out her proposal for a federal ban on “corporate price gouging” to address rising grocery prices, likening it to “price controls.”
Meanwhile, Trump’s campaign has been consistently aligned with populist policies, such as prioritizing trade protectionism and American manufacturing.
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