Russ Vought says Biden admin's spending policies are driving Fed to pass rate hikes: 'Makes it harder'
Fed Chair Jerome Powell announced a third 75-basis-point rate hike Wednesday to combat inflation
Former OMB director Russ Vought criticizes the Biden administration’s economic policy for pushing spending which only ‘makes it harder’ for the Fed.
Former OMB director Russ Vought blamed President Biden's spending policies like the student loan handout for forcing the Fed's hand on rate hikes. On "Mornings with Maria" Thursday, Vought said the Biden administration's spending bills and "anti-growth bad energy" policies are putting a strain on the economy and making the Fed's job of tackling inflation "harder."
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RUSS VOUGHT: Wharton says that the student loan cancelation is upwards of $1,000,000,000,000 when you impact all of the behavioral changes that go into it. And that same committee that you just cited said that we're talking about 75 basis points alone to counteract that one decision. And so the Biden administration is loading all of the bad spending economic policies, anti-growth bad energy policies onto one side of the equation and, hey, the Fed's independent. And letting them do what is necessary. But unfortunately, it just makes it harder for them to get a handle of the problem that we're facing.
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Former OMB director Russ Vought responds to the Fed’s 75 basis point rate hike announced Wednesday, analyzes the impact of President Biden’s economic policies on the economy, and discusses potential changes should Republicans take back Congress.