Congress is on the verge of passing the Inflation Reduction Act of 2022. In this bill, it levies over $700 billion in new taxes and increase spending over $500 billion. Then it puts $200 billion towards “Deficit Reduction.” However, there is a lot of questionable spending. Part of this legislation includes $4 Billion for “A Study on Cow Burping.” Not joking.
When social security is expected to be depleted in 13 years (2035), along with Medicare, rising interest payments on the debt, and a host of other future obligations, why is not the Congress focused on these issues instead of cow burping?
This is just absurd.
Social Security is hurdling down the road to insolvency within 13 years – 13 years. Medicare is upside down and headed for insolvency in 2028 – just six years away. Interest payments on the trillion dollars of debt keep going higher – closing in on $600 billion. Imagine what Congress could do with that $600 billion now?
Then to spend $4 billion on how cow burping impacts the environment? Cows have been around since the earliest of times. Why are cows the problem now? They are not. Congress is.
With so many future obligations for the government coming up, how can it pay all the bills? Our bigger problem is the potential depreciation of the U.S.’s currency – the dollar. This puts huge future obligations on the taxpayer to cover the out-of-control spending of Congress.
If something doesn’t change fast by Congress, this government is going to drive the dollar into a 4th world currency. When markets change against an asset, it can be brutal. Remember the financial crisis when no one wanted to buy mortgages any longer? What happened to all the banks and lenders?
If Congress doesn’t get it senses fast, Social Security, Medicare and a host of other benefits will be limited. The average American consumer could face many future financial challenges. Best to save money now because there may be a lot less of it later.