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Projections Show US Adding to the Pile of Government Debt

government debt

By now, you might be familiar with Joe Biden’s infamous Build Back Better plan.

The initially proposed bill asked for an increase in government spending by $3.5 trillion but was soon after cut in half and revised, for a new amount of $1.75 trillion.

President Biden pledged that “the plan is fully paid for by asking more from the very largest corporations and the wealthiest Americans.”

Yes, he claimed the bill would cost us absolutely nothing.

Well, this probably won’t come as a surprise to many, but a recent report released by the Congressional Budget Office stated that the Build Back Better Act would indeed cost us– the taxpayers.

If everything were to go just as planned, the CBO estimates the bill would increase the country’s deficit by $3 trillion over the 2022–2031 period.

This is by no means a minuscule number.

Currently, the federal government has $28.43 trillion in debt. And just that alone should already be a threatening number to us as a nation.

 

According to Fox News, the bill relies on $1.95 trillion in new taxes, including a 15% corporate minimum and a surcharge aimed at ultra millionaires.

Critics have pointed out something obvious. When corporations are taxed, they typically require more profit. Which ultimately comes from one single place– its customers.

Last month, consumer prices surged to 6.8% and were seen across many sectors, including gas, food, and housing.

The Build Back Better bill seeks to remove popular retirement strategies used by Americans and aims to add billions in funding to expand IRS audits.

More importantly, however, is the fact that we were promised it would cost us nothing.

Here’s a quick overview… In 2020, the federal budget deficit totaled $3.1 trillion and in 2021, it ran at $2.8 trillion.

We’ve seen how unstable the past two years have been for the nation; there’s no telling what impact a bill like this could have on our future.

We are experiencing the worst inflation not seen in nearly 40 years. So, why isn’t the government living by the financial standards required of the rest of us?

The numbers just don’t add up.

If the bill is passed, will gold come to break yet another all-time high record as it did in 2020 due to fears of inflation and a weak monetary policy?

Call American Hartford Gold at 800-462-0071 and let us know your thoughts.

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