The Biden-McCarthy “Fiscal Responsibility Act of 2023” is being compared to the Inflation Reduction Act (Green New Deal) due to its potentially contradictory implications and outcomes, reminiscent of Orwellian themes.
Within a short span of five weeks since the deal’s inception, the Treasury has already issued over $1 trillion in fresh debt, a development of significant concern.
The rapid accumulation of debt is staggering, as it took the United States from its founding until 1980 to amass the same level of debt that has been added in just a little over five weeks. The magnitude and consequences of this spending spree are truly remarkable.