On Thursday’s broadcast of the Fox Business Network’s “Kennedy,” Rep. Thomas Massie (R-KY) stated that the Federal Reserve’s aggressive rate hike and plans for further rate hikes show that the Federal Reserve doesn’t believe the Inflation Reduction Act will work to reduce inflation.
Massie stated, “This doesn’t have anything to do with reducing inflation. In fact, if you want to know what a bill is going to do in Congress, look at its name and think about the opposite. … Also, the Federal Reserve doesn’t think it reduces inflation. Why else would they increase the interest rate by three-quarters of a percent and announce they’re going to do more of that?”
He added later, “[T]he interest rate’s going up. That’s a tax on anybody who’s got a home loan or a car — or going to go buy a car and take out a car loan. That’s a tax. And the Fed is doing that to try and counteract the bad monetary policies of Joe Biden and Congress, which [have] been to spend too much money. So, they’re taking that out of you through inflation and through increased interest rates. Those are all taxes as well.”
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