By John Ubaldi, “Ubaldi Reports”

The 2024 presidential election has devolved into the demonization of each candidate for president, with the current occupant of the Oval Office claiming former President Trump is a threat to “Democracy,” with the reverse claiming President Biden is incompetent in is his duties.

The public wants real solutions to issues they are concerned about such as inflation, the economy, crime and immigration, but all the American people get his rhetoric on how the other candidate is the greatest threat to our Constitutional Republic.

The political parties are known for not addressing core issues voters are concerned about, but what responsibility or excuse does the media have by not investigating nor asking tough questions of the candidates running for president.

All during the 2020 presidential election the nation was denied, and is continually being denied answers to various issues that everyday Americans face by a compliant media and by censorship of social media companies that push a partisan narrative.

The media has completely failed it’s own ethics as set forth in The Society for Professional Journalist Ethics Code.

The biggest issue facing America and one that both parties are failing to address is America’s ballooning national debt and especially the nation’s unfunded entitlement programs of Social Security, Medicare, and Medicaid will be broke in less than ten years.

In this current fiscal year, interest on the federal debt, because of inflation and rising interest rates have now cost U.S. taxpayers more than defense and Medicare spending. As of right now only Social Security takes a higher percentage of the budget for now, but in 30 years interest on the debt will be the largest expenditure.

According to the Committee for a Responsible Federal Budget, interest on the debt has almost doubled to $659 billion in 2023 from $345 billion in 2020.

Just for perspective when President Biden took office the national debt was $27 now its close to $35 trillion which will happen at the end of this fiscal year ending in September.

Biden will have added $8 trillion to the debt in four years in office. To be fair President Trump added $7 trillion to the national debt in four years but $3 trillion was added because of the once in a lifetime pandemic per the Bureau of Labor Statistics.

If nothing is done by 2033, seniors who rely on Social Security for their retirement will face an automatic 21% cut in benefits they will receive. So far no one wants to address this looming crisis.

Economic experts such as JP Morgan CEO Jaime Dimon says the U.S. is speeding toward a cliff as the nation’s runaway debt continues to mount, sounding the alarm that the situation needs to be tackled before it results in a crisis.

Even the non-partisan Congressional Budget Office (CBO) stated that the deficit increases significantly in relation to gross domestic product (GDP) over the next 30 years, reaching 8.5 percent of GDP in 2054. That growth results from rising interest costs and large and sustained primary deficits, which exclude net outlays for interest.

The Committee for a Responsible Federal Budget reported that the Congressional Budget Office (CBO) recently published detailed long-term projections for Social Security that project the financial outlook for the program over the next 75 years. Under CBO’s projections, the Social Security Old-Age and Survivors Insurance (OASI) trust fund will exhaust its reserves by Fiscal Year (FY) 2032 and the Social Security Disability Insurance (SSDI) trust fund will become insolvent by calendar year 2052 (the Social Security Trustees project OASI insolvency by 2033 and the SSDI trust fund to remain solvent over the next 75 years). On a theoretically combined basis, assuming revenue is reallocated in the years between OASI and SSDI insolvency, the Social Security trust funds will be insolvent by FY 2033, when today’s 57-year-olds reach the normal retirement age and today’s youngest retirees turn 72. Upon insolvency, all beneficiaries regardless of age, income, or need will see their benefits cut by 25 percent across-the-board.

So far with the nation is heading toward a fiscal cliff, both political parties have failed to address the crisis, either they want to use it as a political weapon against their rivals as Democrats have done for decades. Republicans are afraid of the ramifications of eroding public support if they dare change these entitlement programs, President George W. Bush tried and was savaged by Democrats and the media.

In March of this year, U.S. Treasury Secretary Janet Yellen stated and admitted President Biden has no plan on preventing the insolvency of Social Security, he only has principles, which he uses it to bash Republicans for wanting to end entitlement programs.

So far Republicans have not addressed it nor have they stated how they would reduce or alter any of the nation’s entitlement programs. The unfortunate aspect they have not put forth a comprehensive plan to address the nation’s dire fiscal situation. Republicans have done nothing to address the looming insolvency of the nation’s entitlement programs.

In less then nine years Social Security will be insolvent, and whoever is president and whoever is serving in Congress will have only two choices substantially reduce benefits or substantially increase taxes.

Right now, both parties are to blame for America’s fiscal mess!