Washington’s Spending Spree!

$33 Trillion Federal Debt!  How did that happen?

US Federal debt has now roared above $33 trillion.  It has rocketed up by $2.16 trillion in just the past year.  This is an increase of an unthinkable $1.58 trillion just since the debt ceiling was lifted in June!

How did this happen?  

A new Heritage Foundation article, “The Road to Inflation: How an Unprecedented Federal Spending Spree Created Economic Turmoil,” has some specific details.  It explains that a “politically opportunistic spending spree has left the U.S. with a weakened economy, an inflation crisis, and a looming debt crisis. The volume and nature of the spending spree helped to create skyrocketing inflation and interest rates and created a labor shortage, reducing real household incomes and leaving store shelves bare and supply chains broken. A looming fiscal crisis has shifted from a long-term concern to a current event.”

It details spending initiatives between March 2020 and December 2022, roughly $7.5 trillion in new spending, which comes out to $57,400 per household.

So Washington has given us more debt in a 27-month blow-off than it did in the first 200 years of America’s existence.

Let that figure sink in.