Chris Clark, President and CEO, Georgia Chamber of Commerce: It’s Time for Washington to Reverse Course on Interest Rates

It’s no surprise to anyone who has filled up their tank, been to the grocery store, or applied for a loan that sky-high inflation and increasing interest rates are placing an undue financial burden on citizens across the country and constraints on business investments. Here in Georgia, Governor Brian Kemp suspended the gas tax for months and put money back in the pockets of hardworking taxpayers among other fiscal decisions that have helped ease the burden on Peach State families. However, at the end of the day, inflation and interest rates are D.C. problems that place an artificial cap on an otherwise healthy economy.& In addition to facing the challenges of inflation, young Georgians are finding it nearly impossible to afford their critical first homes because of increasing mortgage rates. Nationally, home purchases are down by over 14% since October of last year, and monthly payments on housing units have sky-rocketed by 53% from Q1 of 2022 to Q1 of 2023 alone. Interest rates between 6% and 7% coupled with the drastic decrease in new builds have forced many empty nesters to stay in homes they don’t need further limiting the available housing stock for first-time home buyers and making...