05/01/2024 | News release | Distributed by Public on 05/01/2024 12:35
"Interest rates remain at the highest level in 23 years, and are not falling as projected, because 'Bidenflation' has a stranglehold on the economy."
WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement in response to the Federal Reserve's announcement that it will again maintain interest rates at the highest level in 23 years:
"President Biden owns these historically high interest rates, making it harder for Americans to own anything else. Workers, families, farmers, and small businesses are desperate for any sign of relief. Instead, interest rates remain at the highest level in 23 years, and are not falling as projected, because 'Bidenflation' has a stranglehold on the economy. Every time the Federal Reserve is forced to keep rates high, more families are locked out of buying a home, more families drown in credit card debt, and small businesses cannot grow and expand. That's President's Biden's legacy.
"To make matters worse, President Biden's solution to the economic crises he created is to allow the Trump Tax Cuts to expire, which will result in the largest tax hike in American history on workers, families, farmers, and small businesses while further eroding economic growth. It took President Biden more than a year to admit inflation was not transitory. The American people cannot afford to wait for him to admit that trillions of dollars in new taxes is a bad idea. Instead, America needs to return to the bigger paychecks and historically strong economy sparked by those tax cuts. Ways and Means Republicans are busy fighting President Biden's $7 trillion tax hike and building on the success of the Trump tax cuts. Our tax teams are listening to the American people and coming up with the best ways to help workers, families, farmers, and small businesses thrive and bring an end to the failed policies of 'Bidenomics.'"
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