Inflation is doing quite a number in the United States. Even as people gather for Thanksgiving to be with family, friends, and other loved ones, gas for vehicle commutes is more expensive, as is the turkey on the dinner table.
The Biden administration has been all over the map on inflation. They claimed inflation wouldn’t follow their ridiculous spending bills and poor fiscal policies for months earlier this year. Then, when inflation became too apparent for the White House to keep downplaying, they claimed it was only a “transitory” process.
Like most things to come from the White House, this turned out to be yet another lie. A new report is warning the nation that inflation is here to stay for quite some time to come, per The Federalist.
The Congressional Budget Office’s (CBO) projection of what’s to come from the Biden administration’s spending does not paint a pretty picture. For starters, the national deficit will go up to the tune of $367 billion within one decade.
CBO is also claiming the beefing up of the IRS will lead to more funds brought in from audits; however, some people view this as questionable. After all, the IRS has not audited Joe Biden for the back taxes he owes on funds in his S-corporation account.
Next comes the worsening of inflation. According to CBO, the Build Back Better Act will ensure inflation takes yet another turn for the worse in mere months. All in all, the federal government’s spending will continue. Likewise, the federal government will also be forced to continue printing money, thus devaluing the worth of the American dollar.
Unless lawmakers can stop the Build Back Better Act from making it onto President Biden’s desk to be signed into law, taxes will also increase in America. Of course, this runs contrary to Biden’s promise not to raise taxes on anyone earning under $400,000 per year.
Per CBO, Americans across the board will have to start paying more money in taxes to cover all the spending in Biden’s latest spending bill.
The Build Back Better Act is not the only piece of legislation Biden and Democrats will try to pass into law. They will continue coming with more and more spending bills unless they are stopped.
If Republicans don’t manage to take back at least one chamber from the Democrat Party in November 2022, things are going to get a lot worse. This latest report from the Congressional Budget Office is only the beginning.