After the Federal Reserve announced its decision to raise interest rates citing inflation as “much too high,” and causing hardship for American families, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:
“Like the White House, the Fed has embraced serial economic denial for the past 16 months – which empowered raging inflation. America doesn’t need more happy talk of inflation peaking, economic growth not slowing, and no wage-price spiral in sight.
“The economic reality is that inflation is accelerating, job growth is slowing, and we are experiencing a serious wage-price spiral. Surely the Fed must know that to beat inflation of this magnitude, ultimately interest rates must be higher than rising costs — so from the Fed’s modest rate hikes, it appears they are betting on a recession or some other economic shock to break the inflation cycle.
“It’s disappointing because this timidity will be terribly painful for American workers, families, and small businesses.”