Federal Reserve Official Hint No Interest Rate Cuts Until Inflation Lowers

In the United States, over the last several years the economic climate within the nation has taken a decided turn for the worst. Rampant inflation has crushed the American working class, and so many average families and citizens are routinely struggling to make ends meet. Following the beginning of the incumbent President Joe Biden’s first term in office, massive spending packages were championed by the president, who received support from the Democratic supermajority in congress. Many Republicans also supported these substantial packages, and what resulted was trillions of dollars in reckless, new federal spending. What has resulted (at least in part from this) has been levels of inflation that peaked in late 2022 at heights not seen since the 1970s, and a persistent, undeniable increase in the cost of living. Basic necessities, like groceries, energy bills, and basic household items have soared to such an extent that families simply cannot afford the same quality of life that they could several years prior to 2021.

It is estimated that six out of every ten, or roughly 60%, of the country is currently living “paycheck to paycheck”. Consumer credit card debt has soared, and recently reached all time heights in 2023. The national federal debt stands over 30 trillion dollars and is growing each day, and the country truly appears on the path to fiscal destruction. Making all this worse, American’s average wages have largely stagnated for decades. This stagnation has been overly exacerbated by the rampant inflation, and the buying power of the dollar has severely weakened. Unsurprisingly, in a recent poll nearly half of Americans surveyed stated that they believe that the “American Dream” is dead- and that it once was but is no longer reality.

Home ownership has become nearly impossible as interest rates have risen sharply for many families making near the median national income. The Fed recently reported that interest rates would remain high as inflation persists.