Congressional budget office internships12/17/2023 When President Biden took office, the Congressional Budget Office predicted interest rates would not increase until 2024.In total, the federal funds rate has risen by 4.25 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.To combat the President’s inflation crisis, the Federal Reserve raised interest rates this month, the seventh rate increase since March.Real wages have decreased 3.8 percent since President Biden took office.Inflation has increased 14.3 percent since President Biden took office.Inflation is at a 40-year high of 7.1 percent.American families can no longer afford to purchase homes or pay off their credit cards this Christmas because of the fallout from the Democrats’ inflation crisis.”Ĭonsequences of Democrat Spending The highest spike in prices coupled with the fastest increase in interest rates in 40 years. “The Federal Reserve has had to respond to Biden’s spending spree by raising interest rates at the fastest pace in 40 years and larger than the last 15 years combined. $625 billion Infrastructure Investment & Jobs Act.$1+ trillion on Biden’s Executive Actions.$1.9 trillion American Rescue Plan Act.$2.5 trillion increase in interest payments on the growing federal debt. Under one-party Democrat rule, spending has increased by over $10 trillion, including: In his first 23 months in office, President Biden spent more than any other president in U.S. There’s even $2.5 trillion in increased interest payments on America’s debt because of the massive spending tab Democrats have racked up.” On top of the spending Democrats in Congress have abetted, President Biden has spent more than $1 trillion by himself through ludicrous executive actions like his massive subsidy to wealthy doctors and lawyers by canceling their student loan debt. Next, they rammed through a $745 billion so called ‘Inflation Reduction Act’ that will hire 87,000 new IRS agents to target American families, that spends hundreds of billions on handouts to wealthy environmentalists, and that economists have said will do nothing to tame America’s inflation crisis. They passed a massive $625 billion ‘infrastructure’ bill to smuggle through billions in Green New Deal funding that was not paid for. “During their first 100 days in power, Democrats rammed through their $2 trillion ‘American Rescue Plan’ which sparked today’s inflation crisis and kept millions of workers on the sideline. During this time, rising prices have erased two months’ worth of pay for American workers while federal spending has increased by $10 trillion, a record for a President’s first two years in office. Over the last two years, the American people have seen their lives upended by one crisis after another – at the border, at the supermarket, and at the gas pump. “Democrats ended this Congress just as they began it, with President Biden and his allies ramming through a reckless $2 trillion spending bill. – With the end of one-party Democrat rule in Washington, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement detailing the cost to the federal budget of one-party Democrat rule during the 117 th Congress: DecemDemocrat-Controlled 117th Congress Sets Records for Spending & Debt WASHINGTON, D.C.
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