Published on August 20, 2024, 12:30 am

In a recent survey conducted by The National Association for Business Economics (NABE), the top economic concerns as we transition into the main election phase have been highlighted, and these findings seemingly pose challenges for the Democrats. Unseen through partisan glasses, these issues indicate a course of action that the forthcoming administration will need to prioritize; encompassing areas that will form the focal point of their “To Do” list, as emphasized by 132 leading economists nationwide.

The survey conducted in August, released publicly on Monday, clearly presents three policy items which need immediate attention – budget deficits, immigration reforms and enhancing the overall economy. NABE President Ellen Zentner stated,” A majority of panelists identifies budget deficits and immigration reform as the top two policy issues facing the next administration.”

Statistics suggest an overspending scenario which politicians like Kamala Harris propose to inferentially escalate having proposed trillions in spending. However, according to data collected from economists across NABE’s network, this seems contradictory to their viewpoint with fifty-nine percent listing budget deficit as their number one concern.

Backing this fiscal apprehension is Maya MacGuineas, president of The Committee for a Responsible Federal Budget who called upon the incoming president to step up confronting these highly important issues before it’s too late. As per her statement in reaction to the report’s release she indicated “Our fiscal trajectory cannot be left on autopilot – the stakes are far too high and consequences far too steep to leave our national debt rising indefinitely.”

This acute focus on budget deficits reveals a worryingly exorbitant US borrowing over $1.5 trillion throughout just 10 months marking fiscal 2024; including over $240 billion last month alone as revealed by Congressional Budget Office’s Monthly Budget Review.

In addressing this substantial issue while countering catastrophic economic implications both internal and global such moves might entail; concrete solution measures are yet to be proposed or targets set. The crux remains in taking definitive action to drastically cut spending rather than simply reducing the rapidity of increase, a sentiment echoed by experts yet not adhered to by government officials.

Furthermore, as we look towards Kamala Harris’ economic proposal expected during Monday’s Democratic National Convention, concerns from The NABE survey predict detrimental effects from her plans correlating escalated spending and debt with impoverishment of the nation. Despite evident warning signs from economists nationwide, Washington continues to disregard these issues; with potential impacts possibly compromising future economic stability.

Expert perspectives analysing these salient points and more will be covered throughout this week’s Democratic National Convention for informed real news and trusted news updates from a Christian worldview. To ensure comprehensive coverage of unfolding stories, consider upgrading to a VIP account offering access not only relevant articles but podcasts too.

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