Whatever the outcome in November, our new president will be saddled with a tremendous economic mess.
The U.S. is drowning in debt, some $19.3 trillion right now. Entitlement spending is about to explode, including the costs of Obamacare that were conveniently delayed until its chief author left office. The cost of servicing what will soon be a $20 trillion federal deficit is heading higher and consuming a larger percentage of government spending. The United States' fiscal situation is on an unsustainable trajectory.
The situation, however, is not hopeless. There are steps a new president can take to improve the situation.