The evidence of America’s fiscal brokenness is everywhere and the notion of “fiscal discipline” itself might as well be in a time capsule. Congress considers no budgets. Legislation never hits against cost limitations. And every partisan disagreement is “solved” simply by spending more on the pet programs of the opposing party.
So yes, the need for a budget—a fiscal plan—could not be more immediate. But there are some serious challenges facing any renewed effort to deal with the nation’s fiscal nightmare, and any budget intended for results must consider these.
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Biden’s Higher Prices and Low Wage Growth Hammer Working Families
Consumer Price Index (CPI) data for April, released today, reveal that overall prices have increased by 19.9 percent since January 2021. That’s an annualized inflation rate of 5.7 percent. In contrast, over the four-year period from January 2017 to January 2021, the CPI
increased by 7.7 percent, or an annual increase of 1.9 percent.