If you think the Treasury Department borrowing trillions of dollars is a problem only for future generations, think again. The interest rates on your credit cards, student loans—and even your mortgage—are all up now because of the Treasury’s borrowing spree, and it’s costing you thousands.
The runaway spending in Washington has been a problem for decades, but it got a violent shove into overdrive during the past several years. The Biden administration and its big-spender allies in Congress—from both parties—have already racked up $6.8 trillion of additional debt. And that money had to come from somewhere.
For the first couple years of the Biden administration, it came from the Federal Reserve, which simply created the money. That devalued the currency and caused 40-year-high inflation. When the Fed stopped its printing presses, however, the Treasury had to…
