Inflation is a stain on the country’s economy, brought about by the money printing and reckless spending of the Biden administration. Bills like the American Rescue Plan and Inflation Reduction Act led to trillions of dollars being wasted that the country cannot afford.
Biden and his allies in Congress were repeatedly warned about this. Yet, they simply charged Republicans with opposing progress and holding the economy back. Now, the economy is in a worse condition than it was before Biden took over the White House.
As a result of inflation, the Federal Reserve is increasing interest rates to lower consumer demand. The central bank alleges these interest rate upticks will lead to a reduction in inflation. Thus far, this inflation reduction has yet to occur.
As the Federal Reserve keeps raising interest rates while inflation grows, investors and economists are now admitting this could gut the nation’s economy.
Horrible News For Everyday Americans
CNN recently published an article that concedes the Federal Reserve may “blow up” America’s economy in the name of controlling inflation.
Other outlets, like Slate, project the Federal Reserve’s actions could trigger rises in unemployment with the end game of driving down inflation rates.
Unfortunately, what the Federal Reserve is doing is not laying the groundwork for a return to economic prosperity. Putting the focus solely on consumer demand ignores the role the government had in printing money to keep up with various federal handouts.
BREAKING: 🇺🇸 Federal Reserve raises interest rates by 75bps.
— Watcher.Guru (@WatcherGuru) November 2, 2022
At this point in time, it appears the interest rate hikes are going to continue indefinitely. This means credit card bills, mortgages, and car notes will continue to get more expensive as the income Americans earn decreases in value.
When the Federal Reserve first started raising interest rates, some economists warned of the adverse impacts that would follow. Tragically, these warnings fell on deaf ears.
Building Back Better?
Every single time the interest rate goes up, life gets harder for everyday Americans. This is why Republicans are holding Joe Biden accountable for his role in what is happening.
Today’s decision by the Fed to again increase interest rates is further proof of the consequences of the disastrous effects of socialism via Biden’s $1.9 trillion bailout.
— Sen. Marsha Blackburn (@MarshaBlackburn) November 2, 2022
Biden got into the White House on the promise of “building back better” and creating an economy that works for everyone. Yet, as interest rates rise along with inflation, the economy is working for fewer and fewer Americans.
The Biden administration remains virtually silent about ongoing interest rate increases and their impacts on the economy. Though just last month, the president did say the current economy is “strong as hell.”