×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: scott fitzgerald | federal reserve | economy

Rep. Fitzgerald to Newsmax: Interest Rate Hike Means 'Big Trouble' for US

(Newsmax/"American Agenda")

By    |   Tuesday, 14 June 2022 03:25 PM EDT

If the Federal Reserve moves forward with a .75-point interest rate hike to shock the market, America is headed for "big trouble," Rep. Scott Fitzgerald warned on Newsmax Tuesday. 

"There are some of us in Congress that remember either being in high school or our 20s and our parents had mortgages that were at 14%, 15%, 16%, 18%, and some in the late ’70s in excess of 20%, and it just meant that basically, you were caught up in this turnstile of continuing to pay high interest rates and never really knocking down that principal," the Wisconsin Republican said on Newsmax's "American Agenda." "If that's where America is headed right now, we're in big trouble."

Fitzgerald predicted that Republicans will benefit in the November election if that happens, but still, "we'll have our hands full trying to turn this economy around."

The Fed's original plans had centered around a half-point rise in June and another in July, but with inflation continuing to grow, it could, at this week's meeting, reveal a larger increase, reports The Wall Street Journal. 

Americans are already hurting, said Fitzgerald, quoting a Moody's figure that said the average family is now paying about $460 more in their overall budget compared to a year ago.

"That's not something that some people, certainly that have a static income, can just absorb," he said. 

The rising inflation is also causing Biden's own Democratic Party to fracture, said Fitzgerald. 

"There are many members that I serve with right now that are not only trying to distance themselves from President Biden but are trying to come up with a new way of describing what's happening out there, and that's in lieu of actually coming up with some real solutions," he said. "There is a political problem before them now, and they're going to have to figure out a way of explaining that back in their districts."

Fitzgerald said that in his district, the main topic for discussion is, like elsewhere, the effects of inflation and the economy. 

"There's still this ancillary discussion about Ukraine and what happened over there and what is continuing to go on over there, but overall, it's still very much about the economy," said Fitzgerald. "It's the price of gasoline and inflation. They can feel that their buying power is going away."

About NEWSMAX TV:

© 2022 Newsmax. All rights reserved.


Newsmax-Tv
If the Federal Reserve moves forward with a .75-point interest rate hike to shock the market, America is headed for "big trouble," Rep. Scott Fitzgerald warned on Newsmax on Tuesday. 
scott fitzgerald, federal reserve, economy
430
2022-25-14
Tuesday, 14 June 2022 03:25 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved