VIDEO: Rep: Rate Hikes Show Even the Fed Thinks the Inflation Reduction Act Won’t Work

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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 later added, “[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.”


WATCH the interview below:

Massie tweeted Thursday, “Printing money caused inflation. It’s that simple. A child can understand the principle of dilution. But now, to combat inflation, the government’s plan is to slow down the economy by increasing interest rates. I hope enough people will realize the firefighters are arsonists.”

“Bless your heart if you think you live in a Democracy or even a Republic, when in fact, the unelected ‘Board of Governors of the Federal Reserve System’ can intentionally destroy the value of your house and wreck your job prospects with one pronouncement based on secret math.”

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2 COMMENTS

  1. The inflation reduction act was all pork. The only element in it to resuce inflation was the plan to hire 87000 IRS goons to rape the middle class. You can just calculte the popultion of tax filing Americans and multiply it by a rough average of $4000 penalty fee. That is a big pile of cash the govt can steal feom us.

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