Approaching debt limit deadline presents golden opportunity for fiscal responsibility
Currently the debt clock ticks well past $28 trillion, barreling toward $30 trillion. That’s more than $90,000 for every man, woman and child in America.
Out-of-control government spending, debt and labor shortages are contributing to rising inflation — a 13-year high of 5 percent — and suddenly government overspending and bad policy impact the price of everything, from gas to bread to plywood.
If 5 percent doesn’t sound like a lot, here’s what it does: At 5 percent, prices double every 14 years. At just over 7 percent inflation, prices double every 10 years. If your income doesn’t double as well, you are working harder but falling farther behind. With high inflation, you can’t save enough for retirement and a future, as you struggle to pay rapidly rising costs today.