The Fed is sacrificing the American dream to fix a problem it can’t solve
For millions of hardworking people, the dream of owning a home, buying a new car, or building a small business just received another crushing blow. On Wednesday, the Federal Open Market Committee announced its first interest rate hike in more than three years. The Fed increased its benchmark rate by a quarter percentage point, pushing the target range to 3.75%-4%. The decision feels less like a calculated economic cure and more like a direct penalty on ordinary citizens. As Federal Reserve Chairman Kevin Warsh tightens monetary policy to fight elevated inflation, everyday people are left asking a painful question: Is the central bank destroying the American dream in order to save it?
