GOP Rep. Jason Smith: ‘People Are Struggling,’ Rates Are a Factor, Need to Fall ‘Several More Points’

On Wednesday’s broadcast of NewsNation’s “On Balance,” House Ways and Means Committee Chairman Rep. Jason Smith (R-MO) stated that “People are struggling, and it’s because of multiple factors, but high interest rates, they need to come down. A quarter point is good, but they need to come down several more points.”

Host Leland Vittert asked, “Are Republicans understanding enough of how much America is hurting, regardless of a quarter-point drop and a record-high stock market?”

Smith answered, “Without a doubt.” He added that, at field hearings of the Ways and Means Committee, interest rates and inflation have been major issues people have raised.

Vittert then played a montage of local news reports and their guests saying, “A recent report found the cost of grocery items ticked up in the month of August. … A mouthwatering cut of beef is costing you an arm and a leg. ‘Yeah, I’d say almost $5 a pound more expensive for your ground beef, hanger steak, stuff like that.’ … President Trump’s tariffs could drive some prices even higher in the coming months. ‘Tariffs are clearly going to be causing price increases across consumer goods.’”

He then asked, “Is America ready?”

Smith answered, “So, that’s why we passed the big, beautiful bill, for one, is to try to help working-class Americans have a tax cut, because, in the Biden administration, Leland, inflation went up 22%. Inflation, right now, is just over 2%. That is where the prices came from, it was over a 20% increase over the last 4 years. We can do better. But we have to lower interest rates. Credit card debt in this country is over 1.2 trillion dollars. 12% of [those] credit card balances are more than 90 days late. People are struggling, and it’s because of multiple factors, but high interest rates, they need to come down. A quarter point is good, but they need to come down several more points. And I don’t, I am with the president when it comes to the fact that he’s too late. He’s responding, definitely too late.”