While Americans deal with spiraling inflation, the federal government pumps new borrowed dollars into the money supply with breakneck speed. The Senate approved another $1.5 trillion spending package sent to Joe Biden for his signature on Thursday.
The spending package passed on a bipartisan vote 68 to 31. The bill will fund all of the federal government for the rest of the fiscal year ending in September. Both defense and non-defense discretionary spending increased over last year and included a sizable allocation of funds to aid Ukraine.
Democrats touted the 7 percent increase they secured for non-defense agencies, upping that spending to $730 billion annually. Republicans pointed to the $782 billion they got included for defense spending, 6 percent more than the previous year. As both sides congratulated themselves, the runaway spending continued across the board.
Senate Majority Leader Chuck Schumer expressed his pleasure in getting the bill passed by calling it the “strongest, boldest and most significant” spending bill Congress has passed in a long time.
According to the Wall Street Journal, the bill includes around $9.7 billion of earmarks. Sen. Mike Braun (R-IN) proposed an amendment to cut the earmarks from the bill, but it was defeated 64-35.
On the same day the spending measure was approved, the federal Bureau of Labor Statistics released the latest consumer price index figures indicating what every American already knows: Inflation is getting worse by the day. The February CPI showed that price inflation increased another 0.8 percent in just the last month.
The CPI reporting also revealed the index rose by 7.9 percent over the 12 months ending last month. That is the largest 12-month increase since January 1982.
Gas prices have taken center stage in the inflation situation, as prices have skyrocketed since the Russian invasion of Ukraine has led to sanctions and other supply interruptions. Biden has signed an executive order banning Russian oil from being imported to the US, outlawing all oil and petroleum products.