×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: lloyd smucker | joe biden | economy | fed | inflation

Rep. Lloyd Smucker to Newsmax: America Has 'Really Hard Times Ahead'

(Newsmax/"Wake Up America")

By    |   Saturday, 02 July 2022 12:43 PM EDT

Rep. Lloyd Smucker, R-Penn., told Newsmax on Saturday that there are "really hard times ahead" for Americans economically, due to the high inflation brought on by the policies of President Joe Biden and the Democratic majority in Congress.

"We've got a long way to go in terms of the interest rates, and the [Federal Reserve] is going to have to implement to try to bring a check on inflation," Smucker said during "Wake Up America" on Saturday. "I fear there's going to be some really hard times ahead for the American people, and the Fed is in a very, very, tough spot here as a result of the Biden policies."

The most recent numbers by the Bureau of Labor Statistics, reported in June, showed that the consumer price index rose by a full percentage point in May. "Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment," the organization reported.

While the increase was "broad based," shelter, energy, and food costs were major drivers of the higher prices, according to the report.

Smucker said that during the past 70 years, every time the Federal Reserve had to raise interest rates to combat inflation, it had to raise them above that rate, which is now about 9%.

"I showed a chart on the floor of the House in the last week that showed throughout the last 60 or 70 years since World War II, every time the Fed wanted to bring down inflation — and you mentioned this the late 1970s and early 1980s, as the most glaring example of this — they had to take interest rates above the rate of inflation," he said. "Our interest rate at the Fed right now is 1.75% after the 0.75% [increase] they did, and inflation is about 9% and seemingly rising."

Smucker said that the administration celebrated a 16-cent decrease in the average price people would pay to celebrate the Fourth of July last year, while this year the average cost for the same items increased by $10.18.

"There's going to be lots of skyrocketing of fireworks going on over the holiday, but I don't know that anything is skyrocketing as much as the price increases that were seeing," he said. "It's affecting people all across the district I represent — all across the country — who are having trouble buying food and putting food on their plates.

"This is a serious problem for the American people brought on entirely by the policies of this administration, their energy policies, supply chain, and so on."

About NEWSMAX TV:

NEWSMAX is the fastest-growing cable news channel in America!

© 2022 Newsmax. All rights reserved.


Newsmax-Tv
Rep. Lloyd Smucker, R- Penn., told Newsmax on Saturday that there are "really hard times ahead" for Americans economically, due to the high inflation brought on by the policies of President Joe Biden and the Democratic majority in Congress.
lloyd smucker, joe biden, economy, fed, inflation
470
2022-43-02
Saturday, 02 July 2022 12:43 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