It’s funny, we only see these types of articles when the GOP controls one or both houses of Congress
Rising US debt stokes calls in Congress for special fiscal commission
The U.S. Congress is facing growing calls to find a way to stem rising budget deficits and debt following this month’s warning by Moody’s that political dysfunction could lead it to lower the federal government’s credit rating.
There is no rocket science to the three basic choices for grappling with a national debt that has doubled in just the last decade and stands at $33.7 trillion, around 124% of GDP: raise taxes, cut spending or do a combination of the two.
That has led some lawmakers to call for a commission to do the heavy lifting of coming up with realistic approaches to addressing the ballooning debt, a growing concern now that interest rates have risen, producing a jaw-dropping $659 billion in payments just on the national debt in fiscal year 2023, according to the Treasury Department.
“A fiscal commission is direly needed,” Republican Senator Mike Braun, a Budget Committee member, said in an interview.
It really is simple: cut the fat. Trim it away, just like you would do if you were spending way more than you were making. Do you really need to buy this, that, and the other? Switch your mobile plan from that expensive one to something a lot less expensive. Don’t hit the expensive coffee shop on the way to work, make your own. Bring your lunch instead of going out. I bet the Congress could easily find ways to cut $659 billion, cutting out unnecessary spending, making agencies be responsible for what they spend. I heard one time a long time ago that every federal agency could have their budgets cut easily by a third to a half and be able to operate just fine.
Obviously, Democrats are going to want to raise taxes.
Meanwhile, in your own life
Shoppers still punished by soaring prices as Joe Biden cheers latest inflation numbers
No, you’re not imagining it — the price of just about everything in your life is getting more expensive.
President Joe Biden this week spun the latest inflation numbers as good news for Bidenomics — cheering that October’s Consumer Price Index climbed a slightly less-than-expected 3.2% from last year.
But it’s cold comfort to consumers who are still getting socked by stratospheric prices for everything — from their groceries to the rent to the car they drive and the gas in its tank.
Indeed, compared to October 2020, when the US was under a COVID-induced lockdown, prices are up a blistering 18.2%. (snip)
“I wouldn’t count on prices broadly declining,” Moody’s chief economist Mark Zandi told The Post when asked about the future of grocery prices.
No, they won’t. You can see it with your own eyes. Progresso Soup is up from about $1.59 to $2.29 at my store. The ice cream I like is up at least $1. Tomatoes at least 50 cents. Fresh donuts fifty cents. Ground beef, chicken, and fish all up quite a bit.
Rent is up 20%, and mortgages have skyrocketed. Gas is up 36% from October 2020. Vehicles are way up.
Though a slowdown in the pace of inflation hasn’t translated directly to lower costs in groceries, for example, Zandi predicted that “we’ll see significant moderations in [price] increases over the next six to 12 months.”
Welcome to Bidenomics.
Read: Pressure On Congress To Find Ways To Reduce Debt And Deficit »