National debt affects ‘every taxpayer’: Rep. French Hill
US national debt has topped $30 trillion according to new data released by the Treasury Department
During an interview on "Mornings with Maria" Rep. French Hill, R-Ark., warned Americans that they should be concerned about national debt surpassing $30 trillion and how contributing to the rise in inflation.
NATIONAL DEBT TOPS $30 TRILLION
REP. FRENCH HILL: Well, Maria, it's great to be with you. It's depressing $30 trillion, up 8 trillion over the course of fighting this pandemic, and Americans should be concerned about that because that's part of the reason why we're fueling inflation by all of this fiscal stimulus increasing demand while we have constrained supply and Biden policies to cut supply, like in the supply of oil and gas to power American industry. Secondly, as interest rates go up, we're going to have more and more of our budget consumed by paying interest on that national debt. One point increase in the average Treasury rate is about 290 billion-plus which is what we pay every year for the VA… So it's an amazing impact on the federal budget in the negative way that affects every taxpayer.
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WATCH THE FULL INTERVIEW HERE: