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Chairman Smith: Recession Warning Signs Are Flashing for Workers, Small Businesses, and Farmers

March 22, 2023 — Blog    — Economic Statements    — Press Releases   

WASHINGTON, DCHouse Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Federal Reserve continued its interest rate increases at the fastest pace in 40 years – raising rates another 25 basis points, for a total of 5.0 percent, the ninth increase since March 2022 and cumulatively larger than the last 15 years combined:

“Families are continuing to feel the consequences of the Democrats’ inflation crisis. Higher interest rates means more Americans unable to buy a home, small businesses that can’t get a line of credit, and families buried in credit card debt they’ve taken on just to get through these last two years. The one-two punch of inflation and interest rate increases is taking its toll on working Americans around the country. The Ways and Means Committee has heard directly from folks in West Virginia and Oklahoma about how it’s harder to pay the bills and budget for the future in Biden’s economy.

“Recent news about the banking system has also brought back terrible memories for many Americans concerned about what will be the next crisis to emerge in the wake of the Democrats’ reckless spending. The last time America experienced the same combination of interest rate hikes and bank bailouts was right before the worst recession that most Americans remember. President Biden’s failed policies are forcing Americans to relive the nightmares of the Obama-Biden era, when families lost their homes, businesses shuttered, and workers lost their jobs. That is why Republicans are working every day to rein in reckless spending, expand economic opportunity, and hold the Biden Administration accountable.”