Inflation has skyrocketed during the first half of 2022, which also saw a sharp downturn in the stock market in response to the Federal Reserve’s increase in interest rates to reduce demand. This resulted in a bear stock market and raised the prospect of an economic recession. The nonpartisan Government Accountability Office (GAO) has meanwhile projected a national debt “death spiral” in which interest on the growing Federal debt will overwhelm our ability to pay.¹

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