Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Federal Reserve’s announcement today that it will increase interest rates by 50 basis points:
“Rising interest rates will help tame historic inflation caused by President Biden and Congressional Democrats’ reckless spending that’s crushing small businesses and ordinary Americans. Yet higher borrowing costs also hurt consumers, entrepreneurs, and the overall economy. Unfortunately, Democrats have left the Fed with no other choice.
“This rate hike is the bill coming due for the excessive government spending that Democrats always promised would be a free lunch. Significantly higher prices, higher borrowing costs, and a contracting economy are the taxes that Americans are paying as a result. These stagflation consequences should discredit Democrats’ big government policies for at least another generation — just as they did in the aftermath of President Jimmy Carter’s stagflation of the 1970s.”