The Biden-McCarthy “Fiscal Responsibility Act of 2023” is being compared to the Lower Inflation Act (Green New Deal) because of its potentially contradictory implications and outcomes, reminiscent of Orwellian themes.
In a short period of five weeks since the start of the deal, the Treasury has already issued more than $1 trillion in new debt, a development that is very worrying.
The rapid accumulation of debt is surprising, since it took the United States from its founding until 1980 to accumulate the same level of debt that has been added in just over five weeks. The magnitude and consequences of this expenditure are truly remarkable.
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