FOR IMMEDIATE RELEASE Contact: Sara Robertson (Sara.Robertson2@mail.house.gov)

Rep. Crawford Responds to Latest Bad News about the Biden Economy

9/21/2022

Washington — The Federal Reserve today hiked interest rates by three-quarters of a point in its quest to reduce inflation, currently running at 40-year highs. This is the third rate increase of that size this year. 

The Fed also announced they expect the economy in 2022 to grow only 0.2% for the year, cratering from its 1.7% estimate just three months ago. Finally, the Fed said it expects the unemployment rate to rise 1.9% from where it is today, another recessionary sign.

“Everywhere you turn, the Biden economy is hammering American families. Food and energy prices, and now home mortgage rates are among the items that have soared under his economic mismanagement,” said Representative Rick Crawford (AR-01).

The rate of a standard 30-year, fixed-rate mortgage has doubled in the last year, to the highest rate in 14 years. The National Association of Home Builders reports that the U.S. real estate market is now in recession.

The Fed rate increases, which will continue in 2023, will also cause bleed-through rate increases for home equity loans, credit card debt, and auto financing.

“Just days ago, the President boasted to 60 Minutes that while inflation in the Biden economy is out of control, at least it is not getting worse. That indifference to the damage he is doing to middle class families speaks volumes,” Rep. Crawford added.  “His dangerous embrace of socialism isn’t just making Americans poorer, it is pushing us into a recession.”

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