Three reasons why the debt and deficit will never get paid down. It will actually increase dramitcally if Biden wins as he has big spending plans in the works. Just the way it is.
1. U.S. economic growth has historically outpaced its debt. For example, the U.S. debt was $258.68 billion in Aug. 1945 but the economy outgrew that in less than three years. By 1960, the GDP more than double. Congress always believes that today's debt will be dwarfed by tomorrow's economic growth.
2. Congressional representatives have a lot to lose by cutting spending. For example, if elected officials cut Social Security or Medicare benefits, they could lose their next election.
3. Raising taxes is politically unpopular. For example, experts believe President George H.W. Bush lost re-election for one reason, because he raised taxes after promising he wouldn't raise taxes at the 1988 Republican convention. He raised taxes in 1990 to reduce the deficit and paid for it at the polls.