Former U.S. Representative Marjorie Taylor Greene (R-Ga.) on Thursday sees no change in the lives of Americans, citing the nation’s growing debt, higher prices for goods and renewed geopolitical tensions.
In a post on X, Greene said, “Today the U.S. national debt surpassed $39 Trillion, inflation is rising, gas is over $4.50, and we are in another foreign war.”
Elevated Debt
The U.S. is sitting on a record $39 trillion national debt, which is now larger than the entire economy. The debt reached 100.2% of gross domestic product at the end of March, a level not seen since the aftermath of World War II.
Higher Inflation
Inflation concerns renewed, as disruptions in the Strait of Hormuz stemming from the war in Iran have pushed oil prices higher, with ripple effects across the economy.
The 5-year breakeven inflation rate — a widely followed Wall Street gauge of average expected inflation over the next five years — climbed to 2.72%. This is the highest level since August 2022, when the post-pandemic inflation shock was still in full swing.
Gasoline prices have risen sharply, with AAA prices hovering around $4.56 per gallon, up from $3.18 per gallon in the year-ago period. Notably, Americans have spent more than $41 billion in additional fuel costs since the Iran conflict began in late February.
Nothing Changed
Greene emphasized, “Nothing changed. Literally nothing.” Greene argued that the leadership changes have not improved the nation’s soaring debt and have instead led to another round of geopolitical tensions. It has increased the cost of living with higher prices and inflationary pressure.
Ross Gerber Warns On Higher Taxes
In a social media post on Thursday, Ross Gerber, Co-founder of the investment firm Gerber Kawasaki, said that the $39 trillion debt is growing rapidly and that Americans are already paying higher interest payments. The current government policies could result in serious consequences, leading to higher taxes and higher borrowing costs.
Gerber said, “$39 trillion in debt and growing faster by the day. 4-5% rates and over $1.25 trillion in interest payments already. Our taxes can only go higher with these horrendous policies.”
The latest report showed that U.S. consumers are struggling to make credit card payments, with delinquencies surging to levels not seen in 15 years.
Image via Shutterstock/ Consolidated News Photos
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