Congressman Mackenzie Responds to Jobs Report, Calls on Fed to Cut Rates

Washington, D.C. - Congressman Ryan Mackenzie, representing the Lehigh Valley and the Poconos in Pennsylvania's 7th district, responded to today's Bureau of Labor Statistics payroll report - calling on the Fed to take long-overdue action to bring relief to consumers and small businesses.

"The economic data from the summer has made it clear - the time has come for the Fed to stop dragging its feet and cut interest rates," said Congressman Ryan Mackenzie. "While the economy remains stable thanks to the pro-growth policies of Congress and the current administration, it's clear that consumers are being hamstrung by high interest rates. The American economy will not reach its full potential until working Americans are permitted to reap the benefits of low unemployment and steady growth. Unfortunately, thanks to four years of Bidenflation and high interest rates, working families continue to be held back from achieving the American dream through no fault of their own."

Congressman Mackenzie called attention to the real-world impacts of the Fed's policies, which are crushing working Americans and limiting their ability to participate fully in the economy.

"The stubborn refusal of some Fed governors to lower interest rates despite over a year of sub-3% inflation is having devastating real-world consequences for consumers and borrowers," said Congressman Mackenzie."From 2020 to 2025, household debtand delinquenciesskyrocketed while consumer confidence among working Americans plummetedto Great Recession levels. In the meantime, inflation has fallen 70%from its June 2022 high while the Fed has reduced rates by a mere 100 basis points. This mismatch is driving borrowers deeper into debt, limiting consumers' purchasing power, and preventing small businesses from expanding. Congress has done its part to fix the economic damage of recent years by securing tax relief for working Americans. Now, the Fed needs to take its foot off the backs of working families by lowering interest rates."