WATCH: Michael Burgess calls for ‘painful’ interest rate hike as path out of inflation
Rep. Michael Burgess (R-TX) blasted President Joe Biden for what he called irresponsible spending and called for the raising of interest rates to deal with record-high inflation.
“Look, the spending, on all levels, is absolutely out of hand,” Burgess told Fox Business host Maria Bartiromo on Wednesday, adding that it’s the primary reason for current inflation rates. “It is going to be painful to get out of this inflation.”
The Republican congressman compared the situation to the economic state during President Jimmy Carter’s tenure, explaining that it is time to start a tough recovery once again.
WATCH: GOV. DESANTIS HITS FUNDRAISING RECORD, CASEY DESANTIS BACK ON CAMPAIGN TRAIL
“Those of us who lived through the Carter hyperinflation of the late 1970s recognize that it was going to be painful, but it’s time to start some of the painful medicine,” Burgess said. “How disappointing that the Fed, a year ago, just blew it off and said, ‘Oh, inflation is not a thing.’ That’s the point at which they should have been sounding the alarm, raising the interest rates to match the rate of inflation, but they didn’t do it. They didn’t want to do it because it was painful.”
“Look, we’re going to have to face some of that pain,” Burgess added. “And the sooner the better.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Burgess also addressed the current fentanyl crisis, blasting the Biden administration for not towing a harder line at the southern border and at Chinese laboratories that are producing stronger versions of the drug.