| “While President Biden and Washington Democrats might try to take a victory lap with today’s report, economists and economic indicators all point to the fact that what we are witnessing is an uptick before an economic flatline. In the recession of 2007-2009, America saw a negative quarter of GDP followed by a brief uptick before subsequent quarters of negative growth. Working class families who are already in dire financial straits due to the President’s inflation crisis are continuing to suffer under the economic policies of one-party Democrat rule. Inflation is 13.9 percent higher today than when Joe Biden took office. Workers are in short supply. Roughly 25 percent of the value of the average American's 401(k) retirement account has been wiped out. The average rate on a home mortgage has doubled since last year, pricing millions of families out of the housing market.
“Americans are still resilient despite the reckless government spending that is crushing the economy, but one-party Democrat rule has been an economic disaster. When Republicans earn back the majority in Congress, we will build a strong economy that supports new jobs and wage growth, we will combat inflation, and make it easier for families to put food on their table and gas in their car.”
- House Budget Committee Republican Leader Jason Smith (MO-08) |
