Opinion: Joe Biden stokes the flames of debt and inflation with spending bills [Opinion]
This explanation of spending approved by Congress covers many key features. Missing, however, is deficit information.
The U.S. Treasury website shows that fiscal year 2022 had $6.27 trillion spent and $4.90 trillion in revenue for a $1.38 trillion deficit, which raised the national debt to $30.9 trillion. This one sentence is incredibly relevant. With this $1.7 trillion initial installment added to the $816.7 billion defense spending bill signed last week by President Biden how large might the 2023 deficit be?
As we wonder about the causes of the current 40-year high inflation, those federal deficits deserve attention. Dollars the government spends without corresponding revenue or productivity directly dilute the value of dollars in circulation. That dilution defines inflation.
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