Republicans give Trump's economic sabotage plan the cold shoulder

Former President Donald Trump seems to want the American economy to go downhill ahead of the November election, but even some of his congressional allies aren't on board.

As Politico reports, Trump has been railing against the Federal Reserve for potentially lowering interest rates in the coming weeks, which would inject fresh liquidity into the economy and lower the costs of purchasing big-ticket items such as cars and houses.

However, many Republicans in Congress who spoke with Politico said that now is the time for the Fed to cut rates given that the American job market seems to have been weakening in recent months.

“It is time for a rate cut,” said Sen. John Kennedy (R-LA). “This economy — particularly the labor market — is softening very, very, very quickly.”

“The time is right,” said Rep. Dan Meuser (R-PA). “You’ve got to put the greater good ahead of looking political... When you think about it, a rate cut is a cost cut. It’s a stimulus to the economy, it’s something that’s needed. It’s a pro-growth initiative."

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Even hardliner Sen. Josh Hawley (R-MO) said that cutting rates now will be good for the economy.

“They’re high because of President Biden’s economic policy, and I think they need to come down,” he said. “I don’t want them to act in a political manner, I want them just to do their job. I wish they’d have done it sooner.”

The Federal Reserve first started raising interest rates two years ago when the inflation rate spiked to highs not seen since the 1980s.

However, the latest monthly reading of inflation found that prices rose by just 2.5 percent year-over-year in August, which is very close to the central bank's 2 percent annual inflation target.