Spending us into oblivion

OPINION:

There are two major causes of inflation. The first is reckless, excessive spending by the federal government and the second is a higher cost of fuel.

On his first day in office, to pander to the left-wing fanatics, President Biden canceled the Keystone XL pipeline. Then he put more regulations on the “evil” oil companies drilling for oil. So now the cost of fuel is much higher than it was before he became president. The higher cost of fuel, in turn, makes goods cost more because they are transported using fuel.

When the government raises spending by borrowing and printing money, there is more money with which to buy goods, but there aren’t  more goods — so prices go up. With government debt at about $30 trillion, if interest on it reaches 5%, we could be paying $1.5 trillion per year in interest alone. That could cause a major, worldwide financial collapse. That would be no recession, but a depression.

If we don’t change course, cut spending and begin to live within our means, that will soon be our reality. 

BOB MATILLA

Brush Prairie, Washington