Semnt from a Friend
But while this apparently comes as a shock to the post, as well as many left-wing news sites that get their news from the post, anyone paying attention to non-left wing media knew this was happening.
Back in February, biden’s reckless economic policies had added more than $5 trillion to projected deficits, even as he claimed he’d done more to cut the deficit than “any president in history. By June revenues had been plunging this year, despite all the boasts about a strong economy, and the non-left-wing media warned: “the projected deficit for the entire year is now close to $1.6 trillion, which is almost $300 billion higher than Treasury projected at the start of this fiscal year.”
In July, Bidenflation was pushing up the cost of federal entitlement programs such as Social Security and Medicare, and had resulted in a 37% increase in interest payments on the national debt in the 1st 9 months of this fiscal year. That was the result of the Federal Reserve’s interest rate hikes, which were also a result of Bidenflation. By August, Treasury had upped its projected deficit for this fiscal year to $1.9 trillion.
The great piece of the consumer price puzzle is the energy required to produce and deliver goods and services. Both domestic and foreign policy has served to sharply increase costs. biden's move to restrict and bog down with useless regulations and delays oil and gas exploration capped the supply at existing production levels. Add in the biden’s decision to instigate the war in Ukraine (by pushing NATO expansion into Ukraine) and then enacting harsh global energy sanctions, and you have a perfect storm of rising energy costs. Even the decision to release strategic oil reserves to cut into rising prices saw the American taxpayer spurned as those reserves were sold to Europe.
The 30-year TIPS are set for high inflation expectations after the most massive, money printing since WW II. After taking interest rates to nearly zero, the U.S. Government, created out of thin air $9 Trillion of liquidity (money) and injected it into the economy. In case that wasn’t enough, they did another on the grossly misnamed and destructive left-wing's inflation reduction act.
The national debt is now larger than the American economy, something that's never happened outside of a few brief years during WWII. The short-term nature of most government borrowing means higher interest rates are adding fuel to this fiscal fire. By the end of the decade, interest costs on the national debt will exceed the size of the military budget and will only keep growing. And then there's the Social Security crisis looming in the early 2030s. Federal spending has ballooned from $4.8 trillion to more than $6.2 trillion, 29. 2% between 2018 and 2022, and that increase in spending is driving deficits higher.
But this is what liberals/democrats want more of and vote for! And when they get it, and it destroys, they blame others.