New York State Assemblyman Colin Schmitt, a candidate for New York’s 18th U.S. Congressional District, announced his displeasure with the Federal Reserve’s move this week to raise interest rates by three-quarters of a percentage point to address raging inflation. This marks the largest hike since 1994.
“This rate hike is due to a failure of leadership and lack of foresight for what was to come,” Schmitt stated. ““It has been painfully clear for months that the economy has debilitated Hudson Valley families struggling to fill their cars with gas, purchase food and handle traditional expenses. Hudson Valley residents know best the negative effects of one-party control from the state to the federal levels and feel it where it hurts the most — our wallets.”
Schmitt, a Republican, further explained, “We are suffering the consequences of historic inflation due to the policies of far-left Democrats in Washington — leading to the dollar you had when Biden was sworn in, now worth under $0.90.”
The Federal Reserve also revealed their projections for a slowing economy and rising unemployment in the months to come. In April, one of the world’s leading banks warned of the potential for the ongoing inflation crisis to push the United States economy into a recession later this year.