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The National Association of Wholesaler-Distributors (NAW), which is the voice of the 7.4 trillion-dollar wholesale distribution industry, which employs more than 5 million US workers, issued the following statement today in response to the Federal Reserve Board's announcement that it is once again raising interest rates by 75 basis points to curb inflation.
"The Federal Reserve Board is raising interest rates once again to combat rising inflation caused by increased government spending. Despite previous rate increases by the Fed this year, inflation was still 8.3% in August. Misguided laws such as the Inflation Reduction Act will actually increase inflation through 2024.
Hardworking American families and businesses feel the pinch, and many are reaching their breaking point as their reserves dry up, access to credit and credit products diminishes, interest rates skyrocket, the housing marketing slows, and the government continues to irresponsibly spend taxpayer dollars.
The increase in feckless government spending is raising rates and driving up inflation, while sending the country into a recession, an energy crisis, and financial insecurity for everyday Americans – all with no accountability and no end in sight. Every day our government expects Americans to live responsibly, pay their bills, balance their checkbooks, and trust our leaders to do what is best. But those government leaders are progressively more about 'spending and spinning,' less about substance and stability," concluded NAW CEO Eric Hoplin.