Americans’ cost-of-living crisis continues. On Thursday, the Bureau of Labor Statistics announced that the Consumer Price Index rose 3.7% over the last year, about twice the Federal Reserve’s target rate. Although inflation has moderated from the beginning of the year, prices of goods and services have increased by around 20% since President Biden’s term started. Food prices are up by about the same amount.
The greatest threat to American national security is not from any external threat but from the ever increasing national debt which just crossed the $33 trillion plateau, but the really sad part nobody seems to even care!
The United States government will run a deficit of around $2 trillion, double last year’s number, for the fiscal year that ends in just over three weeks. Understanding why is key to revealing something important about how inflation and debt interact.