Insight - Mar. 29th, 2022
Insight
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29-Mar-2022
Today on Insight, John and Josh Rosenstern discuss the fiscal year budget for 2023, which begins in October. Congress has to appropriate all funds that are spent through the treasury, so this leaves the President in wait until Congress decides. Brother John describes the budget as a window of the President’s agenda for the up and coming year. Brother John explains America’s growing deficit, as our government spends more than it brings in ever year. The U.S. has not had a balanced budget since the Clinton Administration. Our accumulated debt is now over 30-trillion dollars. Our first trillion dollars in debt was reached under the Reagan Administration, which goes back to the founding of our country. The fear of inflation is the government has to pay interest on this debt to service it; and any new debt, borrowed under rising interest rates, will cost even more to service.
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