Do you feel like your money is disappearing faster than ever before…
That’s because it is…
American’s wallets are under siege…
And the reason?
Skyrocketing government spending and spiraling debt.
Under President Biden, inflation and deficits have reached new heights, squeezing family budgets and savings alike.
So, let’s look at what President Trump is facing.
As Milton Friedman famously noted, “Inflation is always and everywhere a monetary phenomenon,” driven by the government increasing the money supply.
Here are six key facts every taxpayer should know…
1) Federal Spending Increased by Over Half a Trillion Dollars
Federal spending skyrocketed from $6.1 trillion in fiscal year 2023 to $6.8 trillion in fiscal year 2024, an increase of $700 billion in just one year.
Nearly half of this spending increase came from Biden’s initiative to cancel student loan debt, adding billions in new obligations to an already overextended budget.
Walter Williams once argued that such government overreach destroys incentives and accountability; Biden’s debt “cancellation” plan is a glaring example of just that.
2) A Historic Tax Revenue Surge Didn’t Curb the Deficit
In fiscal year 2024, federal revenue reached $4.9 trillion—up by $479 billion from 2023. Nearly half of this increase came from higher income tax payments, a result of rising wages. But even with this substantial revenue increase, Washington’s spending has resulted in a massive $1.8 trillion budget shortfall.
Economists like Thomas Sowell and Steve Moore have long warned that revenue alone cannot outpace reckless government spending, and this year’s numbers prove that point yet again.
3) Soaring Interest Costs on $35 Trillion Debt
America’s national debt has now hit an astronomical $35 trillion– The national debt put every American on the hook for $104,790 per American.
With rising interest rates, the cost of paying off this debt has grown as well.
Even as Americans struggle with higher borrowing costs for homes and cars, Washington’s interest payments on the national debt are also skyrocketing, squeezing out funds that could be used for national defense or essential services.
As economist Steve Moore often emphasizes, debt-funded government spending does nothing but undermine economic stability and saddle future generations with crushing burdens.
4) Inflation Is Fueling a New Social Security and Medicare Crisis
Inflation has pushed Medicare and Social Security costs up by an additional $185 billion this year, reflecting both the rising cost of living and skyrocketing medical expenses due to inflation.
The government’s runaway spending drives up prices, further straining programs Americans rely on.
As Friedman warned, government spending leads to inflation, and inflation erodes the purchasing power of every American.
Inflation makes it more expensive for the government to keep up with these programs, creating a vicious cycle of debt and deficits.
The numbers don’t lie; government spending is out of control.
The data speaks to the economic consequences of unchecked federal spending under Biden’s policies.
The message is clear for American families: unchecked government spending and debt are putting their financial futures at risk.
As Milton Friedman famously warned, “There is nothing so permanent as a temporary government program.”
5) More Inflation Ahead?
After the election, the Biden bureaucracy tried to spend all the unspent money before Trump assumed office.
Over $1 trillion is being pumped into circulation, which will result in a higher inflation rate.
6) Trump’s Challenge
As quickly as possible, Trump must:
1) Remove oil and gas regulations to lower oil and gas prices.
2) Cut $2 trillion in government spending to start.
3) Unleash the free market, lower taxes, and cut regulations.
This will make our economy great again.
Let me know what you think. Email me at [email protected].
Action Steps:
1) Pray for our country.
2) Get my new book, The Great Deception: 10 Shocking Dangers and the Blueprint for Rescuing the American Dream.
Chapter 3: Danger #2: The Growing Economic Crisis—7 Misunderstood Problems That are Crippling Our Economy, I delve into the heart of the economic storm that threatens the very foundation of the American Dream. Chapter 3 exposes the seven misunderstood problems crippling our economy, a searing exploration of the perilous path we tread due to economic mismanagement by radical ideological socialist politicians and bureaucrats.
Discover how government waste, burdensome regulations, high taxes, and unchecked entitlement spending conspire to dig a deep financial black hole where escape seems impossible. The gravity of the situation is laid bare as we face the stark truth—our nation is on the precipice, teetering on the edge of an economic abyss.
Truth is our most potent weapon against the Age of Deception. The Great Deception: 10 Shocking Dangers and the Blueprint for Rescuing the American Dream provides a comprehensive guide on dismantling the radical socialists’ messaging, using the power of truth to expose their true intentions. Discover the tools needed to break through the barriers of deception and reclaim the narrative for the American people.
The Great Deception exposes the media and politicians’ lies, myths, and distortions.
It gives you answers and solutions to turning America around…
It allows you to share these dangers and a solution to cutting through the deception with friends and family.
It exposes under-the-radar and little-known behind-the-scenes reasons America is falling backward and how to make it move again.
Click here to get The Great Deception – Craig Huey.
You can order the book on Amazon HERE.
You can also get the audiobook version HERE.
You can also get an autographed edition online HERE or by phone at 615-814-6633 (M-F 10 am to 3 pm).
You can also send a check for $26.13 (including shipping) payable to Media Specialists and send it to this address:
Media Specialists
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