The US debt is skyrocketing and both parties are doing nothing to rein it in. As of today, we have brought in 4.4 trillion dollars in tax revenue. As of today, the government has spent 6.1 trillion dollars. That means so far already this year we have spent 1.7 trillion dollars than what we brought in tax revenue. This has a direct bearing on inflation and dollar devaluation.
This doesn’t include the fact that we have almost 200 trillion dollars in unfunded liability. We had an opportunity to draw down some of our debt in the vote to increase the debt ceiling. Unfortunately, our Congressman Mike Ezell voted with the Democrats to increase the debt ceiling. We were at 32.4 trillion dollars and within a couple of weeks, we went to 33 trillion dollars. Now just a few months later we are at 33.65 trillion dollars in debt and hurtling towards 34 trillion dollars. And with this debt ceiling increase, they have decided not to have another vote for another increase until January 2025. After the 2024 election, they don’t have to have the battle during the election. Which of course means that our deficit could hit 36/38 trillion dollars by then.
The more money the government prints the less value our dollar has and will increase inflation. We have already had our dollar devalued against the peso and many other currencies around the world. Countries like China and India are trying to replace the dollar with other currencies. We can make the dollar the go-to currency again if we just enact sane fiscal policies. I will fight every day to put our fiscal house in order. We can’t let the swamp win. We can balance our budget and get away from this fiscal train wreck of spending more money than we bring in with common sense solutions.