 When President Biden took office, the deficit over the next 10 years was expected to be about $12.2 trillion thanks to a boatload of new spending approved during Biden's first year that's climbed to $14.5 trillion. One way or another that shortfall has to be accounted for by cutting spending, raising taxes, or printing money. So what does the new Inflation Reduction Act do to address the problem? It doesn't cut unnecessary spending or wasteful government programs, it raises taxes. And those tax increases will only reduce the deficit by about $300 billion, or 2% of planned borrowing over the next 10 years. In other words, even assuming no new spending, we'd still need about 50 more bills just like this one to not add any more debt in the next decade. And the bill doesn't do anything to reduce the $30 trillion in debt we've already accumulated.