Political Quotes

“Madam Speaker, on September 1 of 1980, inflation was at almost 13 percent. On that day, then Governor Ronald Reagan said: ``Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.'' Unfortunately, today is looking a lot like 1980, and the Carter and the Biden Presidencies share far too much in common. {time} 1045 President Biden has unnecessarily spent trillions of dollars, spiking inflation into a 40-year high of 8.6 percent. As a result of this inflation, American households will pay an additional $7,620 as they buy gas, food, and other things over the next 12 months--$7,620 annually. Since Biden became President, real wages are down 4.2 percent while mortgage rates have doubled, have gone up 2.4 points. Our economy shrank 1.4 percent last quarter, and many economists now agree that these signs point to an imminent recession. The President now points to the Federal Reserve to get him out of the inflation mess that he created. Today, I will point out what that may mean and talk about the challenge that the Fed faces to rein in inflation. I have a chart here with me that compares the Federal funds rate, which is its benchmark interest rate, and inflation rates over the past 60 years. If you look at the chart, you will see two lines on the graph showing inflation and the Fed rate.…”