Ways and Means committee member says fixing the Biden economy will be a long term project
'None of the things that are feeding inflation are going to be going away anytime soon,' Rep. Murphy said.
North Carolina Congressman Greg Murphy says that it's going to take a while to fix the Biden economy, with inflation going up and young people not being able to purchase a house.
"You can't buy a home — not with these prices and with the way inflation is eating at all their income," Rep. Murphy said on Tuesday's edition of the "Just the News, No Noise" TV show. "It's not good for the present time and probably won't be for the next five to eight years."
St. Louis Federal Reserve President James Bullard said recently that he expects inflation to go into 2024 and the Fed may slowly start to raise interest rates to a range of five to seven percent.
Rep. Murphy says that he agrees with Bullard that inflation is going to continue to be with us for the next couple of years.
"None of the things that are feeding inflation are going to be going away anytime soon," Murphy explained. "I think it was a major issue with this midterm and it got overshadowed by some other issues."
Murphy says that he thinks people will be sick of all the prices going up and may be willing to vote in new leadership in the next election.
"I think by the time 2024 comes around, people are going to be absolutely tired," Murphy stated. "Right now one in six people are having problems paying their utility bills and people are cutting back about 50% on holiday spending, because they just can't afford it. I think in two years time the American public are going to be sick, tired and fed up of the inflation that's been caused, in large part, not totally, by this out of control spending by this administration."