Reading that mess is disappointing.
Nothing to do with inflation.
Should be called the Printing To Zero Act.
When was the last time the House passed a balanced budget? 2001.
This will inflate inflation.
Foxes in charge of the hen house.
Where will the 300 odd billion come from?
I hear the presses cranking up.
We're all fucked. It's good to remember this.
They are using budget reconciliation to pass it, needing only 51 votes. Kamela as the tie breaker. Thus the filibuster doesn't get in the way. The budget reconciliation process allows you to pass with a bare majority.
Supposedly it's budget neutral because it raises taxes, which is the only way it could be passed via this method. But I trust the Congressional budget office about as far as I can throw them, because the "savings" are always in out years and taxes come up front.
The taxes are what will increase inflation.
Money printing beyond GDP IS inflation. Inflation is a hidden "tax".
Our debt/ GDP ratio is 127%. When all unfunded liabilities included it rises to 147%.
As of June 2022, there were 2 quadrillion, 2 trillion, 78 billion FRN's in circulation.
The FED printed 6 trillion in a two year period, 20-22.
Too many dollars chasing fewer goods and services = price hikes.
Printing to zero.
Voltaire once said that all fiat currencies inherently revert to zero.
Yep, pretty much. Nothing I can add to that. I was just pointing out that the bill itself, if it becomes law, will increase inflation as taxes are passes along to the consumer.
Taxed for holding and using FRN's. Total indebtedness.