Fed Budget Increase Correlates to Your Budget Decrease

One economist recently warned of the connection between increased government spending and increased personal debt among American citizens. With a new, bloated federal budget coming from Congress, this is indeed a sobering warning.

Heritage Foundation research fellow and public finance economist EJ Antoni highlighted how damaging government spending of taxpayer money is for ordinary American families in a March 12 piece. Even as the government merrily continues down the path of national bankruptcy and Biden falsely claims his economy is not a disaster, Americans’ credit card debt hit a record high.

As of the end of 2023, Americans had a record $1.13 trillion in credit card debt. The cards Americans are relying on for basic bills and necessities charge $240 billion in annual interest, Antoni explained. The Biden administration devalued the dollar with its extravagant spending, worsening the crisis.