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More Inflation and Debt Disaster

By December 22, 2022Commentary

The Biden non-administration appears determined to set a record for piling on to the US debt, fueling inflation along the way.  The latest $1.7 trillion spending abomination, being considered today, is chock full of waste and garbage spending.  While the Federal Reserve is doing its damnest to bring inflation down by repressing demand through higher interest rates, Congress keeps up the deficit spending, which forces the issuance of even more debt, working against the Fed’s efforts.

I would tell you to email your Congresspeople to tell them to vote against this ongoing fiscal suicide, but it likely would make zero difference.  The rich people who benefit most from the excessive spending have already bought the votes for passage.  And while it is easy to get made at supposed conservatives, some of whom continue to vote for this stuff, the real villain is the Democrat party, which thinks it can spend money and issue debt forever with no consequences, notwithstanding what they should have learned from the burst of inflation.

If there were any rationality in the world, no policymaker would be doing anything other than trying to reduce spending and bring the budget into balance, if not creating a surplus to actually retire some debt.  But no, our holiday present from Congress is a bill that ramps up the inflation fire again, while doing nothing to increase economic growth.  Lump of coal indeed.  (Maybe we should replace that idiom with lump of solar panels; you know go green and all that.)

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