Inflation Reduction Act Further Saddled Americans With Debt

On IRA anniversary, debt interest payments skyrocketing, debt higher than GDP

Yesterday was the one-year Inflation Reduction Act anniversary, a dubious anniversary for a bill that has undermined families’ ability to pay their bills, Also, the U.S. had to borrow to pay for this IRA bill, which means it hurts future generations’ ability to pay our national debt.

David Winston notes that Congressional Budget Office projections show “Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined.” 

The Wall Street Journal’s Spencer Jakab gives more context about why this is so troubling:

The Congressional Budget Office regularly updates its long-term budget forecasts and says that U.S. debt held by the public will surpass gross domestic product this fiscal year and that interest on that debt will equal about three-quarters of discretionary, nondefense spending.

Read the full article at Independent Women's Forum.

-Carrie