Year-over-year April inflation numbers released this week are at 8.5 percent – marking a 45-year high. And according to national reports, this latest number follows several months of inflation hitting 40-year highs. The month-over-month inflation rate between March and April was at 0.3 percent, and reports indicate that number is above expectations but below the rate seen in other recent months. At the same time, the federal debt has surpassed $30 trillion.
To combat these crises, Georgia Congressman Buddy Carter (R-GA-01) introduced the Paying America’s Inflationary Debt (PAID) Act late this week, a bill that will take the over $100 billion in unspent American Rescue Plan dollars and use them to pay down the country’s federal debt.
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