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Tags: dan meuser | economy | fed | inflation | biden

Rep. Meuser to Newsmax: Fed, Biden Economy a 'Recipe for Disaster'

By    |   Tuesday, 11 October 2022 10:52 AM EDT

The Federal Reserve's increased interest rates, combined with the Biden administration's push to spend more money and raise taxes, are a "recipe for disaster" for the nation's economy, Rep. Dan Meuser said Tuesday on Newsmax.

"The real problem is that consumer demand is being hit," the Pennsylvania Republican told Newsmax's "Wake Up America." "Spending is continuing, but the plan by the Fed and the Biden administration continues to be more spending as well as raising interest rates, which in the end will hurt production."

Meanwhile, the administration insists the United States is not in a recession, but Meuser said that "we most definitely are."

"If you ask any of my constituents, they're not only reading the data, but they're feeling it," said Meuser, noting that low-income households are hurting because of higher gasoline and grocery prices, and then higher diesel prices are driving up the cost of "everything."

"This includes our fertilizer throughout Pennsylvania and our country, which forces farm goods and groceries to go up," he added.

As people are feeling the results of how President Joe Biden is handling the economy, it will affect the midterm elections that are less than a month away, as voters are "angry and upset."

"They're feeling it every day," said Meuser. "They're going to the gas station and instead of it costing them $40, it's costing them $70 and it's making them angry and upset. This is a direct result of the assault on American energy."

The worst part, he added, is that "this is being done deliberately."

"It's in the financial markets, the threats that are being performed there," Meuser said. "It's the banning of our accessing our domestic energy. It's not allowing pipeline permits."

The congressman said he has manufacturers in his district who said they converted their operations to using natural gas a few years ago to save money, only to find that form of energy now is 34 times higher.

"It's a very anti-growth administration, aided and abetted by the Democrats and the U.S. House and Senate," said Meuser.

The congressman also slammed the Fed's interest rate increases as a "knee-jerk reaction," and said they're being countered by the administration's continued spending.

"Even though they're not passing bills, they still have trillions in the coffers that are on their way out, so you still have the consumer spending taking place," Meuser said. "You have the high gas prices, so we're not going to have the intended result of typically what higher interest rates would do to lower inflation."

Still, he added, there will be added costs on domestic production and manufacturing that make imports more competitive.

"We're imploding our production, not affecting our consumer demand and helping our competitors along the way, so inflation will continue," said Meuser.

The congressman further on Tuesday discussed the U.S. Senate race in his state, and said he believes the more people come to know Lt. Gov. John Fetterman, the Democrat contender, and the Republican nominee Dr. Mehmet Oz, they'll pick Oz for the win.

"When it comes to our economy and our American energy, [Fetterman] will vote to ban further our domestic energy," said Meuser. "He will do nothing about the border. He wants to make Pennsylvania a sanctuary state."

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Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2024 Newsmax. All rights reserved.


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The Federal Reserve's increased interest rates, combined with the Biden administration's push to spend more money and raise taxes, are a "recipe for disaster" for the nation's economy, Rep. Dan Meuser said Tuesday on Newsmax.
dan meuser, economy, fed, inflation, biden
587
2022-52-11
Tuesday, 11 October 2022 10:52 AM
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