The reality, which President Joe Biden and the Democrats deny knowing, is that inflation was caused by something obvious and unavoidable. The shocking figures detailed in a recent report by the Heritage Foundation explain precisely why prices have surged to their highest levels in four decades, and continue to do so despite the White House's assertions that inflation is "declining." Clearly, everything is a facade to conceal the calamitous consequences of their spending spree.
The Government Burned Through $7.5T Post-COVID and All It Got Was Historic Inflation
https://t.co/Ie94Wd8YXo— Townhall.com (@townhallcom) November 21, 2023
According to the report, legislation passed by Congress between March 2020 and December 2022 resulted in an extraordinary quantity of additional spending. Prepare yourselves, individuals, for the cumulative cost surpasses $57,400 per household! Undoubtedly, your diligently earned tax dollars are being frittered away as if tomorrow never exists; this explains why we are experiencing financial strain.
Shall we now analyze the figures in detail? In March 2020, the $2.22 trillion COVID Response was implemented, which was succeeded by the enormous $1.9 trillion American Rescue Plan. Furthermore, just as one might anticipate the situation to become even more dire, they added the $1.2 trillion Infrastructure Investment and Jobs Act to the pileup. The December 2020 Stimulus Package, which cost $932 billion, the Inflation Reduction Act, which cost $565 billion, the PACT Act, which cost $283 billion, the Non-Defense Appropriations for FY 2021, 2022, and 2023, which amounted to $172 billion, the Ukraine Supplemental Appropriations, which cost $113 billion, and the $79 billion CHIPS Act, which should not be overlooked. Phew! In mere months, an astounding $7.464 trillion was spent in total. Are you able to trust it?
Avoid attributing the entire situation to the Democrats at this time. In the name of combating COVID-19, members of Congress of both parties engaged in fiscal irresponsibility, as the Heritage Foundation accurately notes. The entire collective is accountable for this imprudent expenditure that has brought our economy to the verge of collapse. It is time for our elected officials to immediately resume responsible governance and conduct a thorough self-examination. We are no longer able to tolerate their wasteful practices.
Regrettably, the economic repercussions are already apparent, with the hardest-working American families bearing the brunt of it. Each household has already suffered an average loss of $7,000 as a result of the inflation and interest rate rise sparked by this spending frenzy, according to data from the Heritage Foundation. In the interim, employment has remained stagnant for the past two years, and millions of workers remain absent from the labor force, despite the pandemic having begun. It appears that Congress is all too content to disregard this bleak reality.
In reality, not a single average American could manage their finances as impeccably as the District of Columbia does. We would all be insolvent and confronted with unfathomable repercussions. However, our purported leaders deemed it entirely permissible to sanction legislation that accumulated a greater amount in the federal debt within a mere 27 months compared to the entirety of the nation's first two centuries of existence. It is incomprehensible and manifests an obvious lack of concern for the fiscal stability of our nation.
Congress, rather than prioritizing policies that would aid in the recovery of the American people from the pandemic, has brought us closer to a debt crisis. It is time to demand responsible governance and hold them accountable. It is vital to our future.