MOORESTOWN, NJ — Burlington County business owner and congressional challenger Bob Healey today issued the following statement:

“Homeownership and economic mobility are core components of the American Dream, and that dream is being crippled by the Biden-Kim inflation program.

Here’s how it works: Biden and Kim spend trillions – which economists say is making inflation worse. To arrest inflation, the Federal Reserve is aggressively raising interest rates which are having a major impact on the affordability of homes for new buyers.1

To combat the Biden Administration’s ‘spend-a-thon’ that Andy Kim has been enthusiastically cheering for, the Federal Reserve has boosted interest rates in March, May, June, July, and in September. The last time the Fed raised rates by as much at multiple meetings in a year was in the 1980s.2

A Texas A&M University economic report noted, ‘Such [interest rate] increases diminish purchase affordability, making it even harder for lower-income and first-time buyers to purchase a home.’3

A National Association of Realtors study last month, said that U.S. existing home sales dropped for a seventh straight month in August as ‘affordability deteriorated further amid surging mortgage rates and stubbornly high house prices, though the pace of decline moderated from prior months.’4

Unfortunately, much of this economic crisis was self-engineered by the Biden administration’s maniacal determination to spend, spend, spend… and, our Congressman Andy Kim happily went along for the ride. Anyone who has taken Econ 101 knows you cannot pump trillions of dollars into the U.S. economy and not spur inflation.

Ironically, there is no mention of inflation on Andy Kim’s official web page listing important issues.5  In fact, it’s doubtful the Congressman even looks at what his staff puts on his website since the issues page under ‘education’ is left blank and the section on ‘Resiliency, Disaster Relief and Infrastructure’ is repeated twice. (See screenshot of Rep. Kim’s Official Congressional website here.)

‘Fighting for us’ is an empty slogan when one looks at Andy’s record on the issues that matter. Rep. Kim needs to explain to voters what specific steps he’s taking to help solve the real problems like inflation that all New Jerseyans face.”

1 “Mortgage rates hit 6.7 percent as housing market keeps cooling”, Washington Post,  https://www.washingtonpost.com/business/2022/09/29/mortgage-rates-fed ,09/22/22.

2 “What the Fed’s September rate hike means for homebuyers and sellers”, https://www.bankrate.com/real-estate/how-fed-rate-hike-affects-housing, 09/21/22.

3 “What the Fed’s September rate hike means for homebuyers and sellers”, https://www.bankrate.com/real-estate/how-fed-rate-hike-affects-housing, 09/21/22.

4 “U.S. home sales drop for 7th straight month, house price growth cooling”, https://www.reuters.com/markets/us/us-existing-home-sales-fall-less-than-expected-august-2022-09-21, Reuters, 09/21/22

5 Rep. Andy Kim, Official congressional website, https://kim.house.gov/issues (as of 10/06/22,08:43 AM).

Original source can be found here.