“With interest rates on the rise, American families are realizing that President Biden has been using their 401ks and Social Security as collateral in his political spending gamble,” writes Rep. Jason Smith (R-MO) in an op-ed for The Hill, noting that “eight of the last nine times the Fed raised rates to respond to inflation concerns, a recession soon followed.”

To read the full op-ed click here.

READ: Brady: President Biden’s Inflation Denial Led Us Right Into a Recession

KEY EXCERPTS

Working families will pay an extra $5,200 this year alone because of today’s 40-year high spike in prices.

“For families, every extra dollar they have to spend because of higher prices is one less dollar they have to save for retirement or a down payment. The stock market, responding to the alarm bells of a looming recession, is beginning to crater and threatening to wipe out Americans’ life savings, pensions, and forcing millions of seniors to delay or even forfeit their retirement.”

Interest rates are rising thanks to Biden’s inflationary policies, and they’re crushing families and small businesses.

“Last month, the Federal Reserve was forced to raise interest rates by 75 basis points – the third such rate increase since March – to combat the President’s inflation crisis.”

“Rising rates are making home buying unaffordable, locking millions of families out of the cornerstone of the American Dream. Families are facing the double-whammy of stratospheric home values and an interest rate on a 30-year mortgage that has doubled since Biden became president.”

“Entrepreneurs and small businesses are finding it more expensive to finance the new equipment or larger facilities that grow the economy, create jobs, and boost paychecks. Three of the last four months saw payrolls shrink for businesses with less than 50 employees.”

Democrats’ reckless tax-and spend agenda has forced us to the brink of economic recession.

“Since President Biden took office, Washington Democrats have embarked on a massive spending spree totaling $9 trillion…That explosion of reckless spending is sabotaging America’s economy — with inflation up 13.8 percent under Biden, interest rates rising dramatically, and the nation teetering on recession.”

To read the full op-ed click here.