Inflation over the past year has reduced your purchasing power by 6.4% according to the Consumer Price Index. That’s better than the August figure of 9.1%, but it's still very troubling.
Massive government borrowing and spending created the inflation problem which created the interest rate problem, and the interest rate problem created the profit problem, which created the stock market problem.
But to Joe Biden, there apparently are no problems, except for shooting unknown items out of the sky. He says the economy is doing great, and we should just keep borrowing more money and spending more money. In his State of the Union speech, Biden ludicrously took credit for the decrease in the annual budget deficit simply because massive pandemic relief payments expired.
Despite the decrease, the federal government had to borrow $1.7 trillion dollars just to pay current expenses. The debt ceiling, like a borrowing limit on your credit card, is about to come into play. The fantastic figure of $31.4 trillion dollars can only be increased by Congress, but Biden says approving a hike is “non-negotiable.”
Do you think your credit card company would take your phone call to say raising your debt limit on your credit card is non-negotiable? If your call was taken, you would be laughed at. You would surely then be forced to get a handle on your out-of-control spending habits.
82% of respondents believe reduced borrowing should be one of Congress’s top priorities. Republicans had better take this moment to exact some fiscal restraint before raising the debt limit. Otherwise, what was the point of giving them control of the U.S. House of Representatives?