Families are getting into debt

Debt Crisis: 5 Key Impacts on Jobs, Retirement, & Inflation

Craig HueyCurrent Events, Economics, Inflation, Recession/Inflation 10 Comments

Title: Debt Crisis Solved? Not Really—5 Things You Should Know About Its Impact on Your Jobs, Retirement, and Inflation

The Debt Ceiling was voted on by Congress.

It was fake…

It was deceitful…

It was political theater.

It’s an understatement that the bill that passed did not go far enough.

Worse, it doesn’t do what it says it does to reduce spending and to solve our debt crisis.

Here are 7 things you should know…

  • 71 Republicans voted “no” on raising the debtThe U.S. government is $31.8 trillion in debt.The debt ceiling has now been suspended. It will increase to around $34 to $35 trillion before the end of the year.71 Republicans voted “No.”These 71 Republicans are heroes because they stood up against Kevin McCarthy and the majority of Republicans, who basically caved to the political pressures, economic pressures, and the political reality.If I had been in Congress I would have voted “no.” These Congressmen are real heroes in standing up against the massive overspending that’s fueling inflation and economic uncertainty.The Act is called the “Fiscal Responsibility Act.”

    But it’s really the “Fiscal Irresponsibility Act.”

The Act suspends the debt ceiling until January 1st 2025, paving the way for the same kinds of trillion-plus annual deficits that we saw in 2021 and 2022 for this year.

  • Outsmarted AgainThe Republicans in their negotiations were outsmarted… They failed to see the unbelievable loopholes, exceptions, and exclusions that allow the Biden administration bureaucrats to continue to do what they have been doing… overspending without Congressional authorization.There were some good things in the bill, but certainly not enough to brag about.
  • The hype for victory is political theaterMany of the Republicans have rejoiced, saying “It was a great victory for economic common sense.”That is not true.It’s sadly misrepresenting the reality of the situation.Kevin McCarthy should never have proclaimed victory… He should have proclaimed practical reality.
  • The political realityThe House Republicans are only 1/3rd of the government.The House Republicans are 1/3rd what is needed to change course direction.

The Democrats control the Senate and, of course, the presidency.

In a sense, the most the Republicans could have expected was 1/3rd of what they wanted… And I think they got less than that.

The reality is that the Biden Deep State bureaucracy would not give up anything that would stop their transformation of our country with their socialist agenda.

The political reality is that they have the power, and… they outsmarted the Republicans, or they just gave up.

  • What this means for you

    The minor changes the Republicans got will stop the United States from defaulting on its debt, but it will do nothing to help the average family that’s paying over $1,000 more a year because of inflation.

It does nothing to control their overspending, job-killing regulations, and abuse of power by the bureaucracy.

The Deep State is rejoicing, and that’s why 165 Democrats voted “yes” on the bill– They knew it was a good bill for them.

You can expect further erosion of the value of your dollar, and we’ll continue to head toward stagflation, where there is no economic growth. That means fewer jobs and a severe prolonged recession plaguing America.

The Treasury needs to raise capital in order to meet the government’s irresponsible spending, which exceeds its $1.2 trillion deficit this year.

The disruption to economic growth is that the private markets will buy up part of what’s issued, and the Federal Reserve will print the rest…

That means less investment for economic growth, more money creation for inflation, and more debt and deficits.

It will impact how you live.

Until we are able to change the Senate and the presidency, there isn’t much we can do about it.

Elections have consequences.

We must turn this around in 2024.


Read this article also: Solving the Medical Debt Crisis: Government Bureaucracy is Not the Answer [Videos]

Comments 10

    1. Jim, this is how we will lose the election because too many people give up

      That’s what happened in the last election…

      If you’ve been reading the articles, we’ve been talking about how the states have improved the voter laws. How across America there’s efforts to strengthen the poll watching, and election integrity.

      The reality is again as you see with the different articles I’ve been writing… The Republicans are 15 behind years behind in marketing, and they do not know how to mobilize the vote.

      In addition, the Christian vote is almost nonexistent and needs to be mobilized as well

      Instead of talking about voter fraud, we must talk about mobilizing and doing things right and we will win in 2024…

      But if we simply say there’s voter fraud, we have already declared surrender

      1. Things are bad. Turn away from God, things go to h___. Only way out of this mess is huge increases in economic efficiency, productivity. Talk is cheap. Truth is needed. Our Family has also spent too much (we’re retired. 75). I’ve got a job scheduled. Gotta do something.

    1. There is NO compromise with evil period . Because that is what we are dealing with at this point . All those who voted for this need to ??? their own actions . That also applies to we the people when we vote , judgement is coming very soon .

  1. There is NO compromise with evil period . Because that is what we are dealing with at this point . All those who voted for this need to ??? their own actions . That also applies to we the people when we vote , judgement is coming very soon .

  2. Occupy until HE, JESUS CHRIST, returns! We, as Christians, need to do our duty to
    God and Country and VOTE. Get others to vote also. Pray without ceasing. God bless
    the USA!

  3. I finally got a chance to read your early June article on debt crisis, but the crisis on the citizens of the United States is the respect lost in law of the almighty Jehovah GOD. The lessons in the stories of the old testament and the new testament.
    The corrupted power being used from the weak leaders we have is the reason strong prayer will over come. God Bless America, I truly believe in the law of God and not the law of corruption. Our founding leaders believed in the law of God, thank you for your services to our Heavenly Father

  4. The debt issue is a problem, actually, it’s a mathematically insurmountable one now but it’s not even the biggest problem. Entitlements are a far larger looming obligation that dwarfs the current sovereign and personal debt tally. There is a solution though – kill off almost everyone over the age of 67 (age of the youngest boomers). Their working lives are pretty much over and some of them have accumulated trillions of $’s of wealth, pension obligations, etc. and liberating that wealth will go a long way to refilling government coffers as their children inherit and spend that wealth and of course pay taxes on the inheritances themselves. At the same time it eliminates people who don’t consume much anymore and are by and large are a huge burden on the healthcare system. This thought occurred to me at the beginning of the “pandemic” and I’m not suggesting a mass conspiracy to kill all of our senior citizens so that we can repair past mistakes and learn nothing from it but it would be a solution to the problem, for a while anyway. Excess mortality rates continue to be 3 and 4 sigma type events annually since a year after the crisis began and a “cure” was introduced into the bloodstream of the population. Why isn’t anyone ringing the alarm bells about the elevated levels of mortality in Western society?

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