Press Releases
Currently showing results related to Economy
Fiscal State of the Union: Biden's Real-Wage Decline
Inflation continues to decimate American’s standard of living. Real wages - the amount people are paid when adjusted for inflation - are falling as well. Since President Biden took office in January 2021, the increase in prices due to inflation is over 14%, resulting in a loss in real wages of nearly 4%. Average hourly wages have only risen by 10% as of January 2023. This graph shows the decline in real wages since January 2021. This loss in real wages is not limited to one segment of … Continue Reading
February 24, 2023
Arrington: Biden's Fiscal Policies Mean More Economic Pain For American Families
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement upon news that Americans continue to suffer from increasing inflation. The Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of inflation, released this morning shows prices continue to climb and are now 5.4 percent higher than they were a year ago. “Virtually every economic indicator we have seen over the last few weeks - from GDP, to the CBO Baseline, to the … Continue Reading
February 15, 2023
Arrington on CBO Baseline: "Houston, We Have a Problem"
WASHINGTON - Today, the Congressional Budget Office (CBO) released their latest Budget and Economic Outlook report, commonly referred to as the baseline. Today’s baseline report – which includes projections of federal spending, revenue, surpluses or deficits, and debt – shows that out-of-control spending by President Biden and Democrats during two years of one-party rule has exploded the national debt to unprecedented and truly unsustainable levels. House Budget Committee … Continue Reading
February 14, 2023
Arrington: CPI Shows Biden Economy Continues to Punish Working Americans
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement after the Consumer Price Index (CPI) showed inflation continuing at a forty- year high for the 15th consecutive month. “Hardworking Americans continue to pay the price for Democrat’s unbridled spending with higher consumer costs, lower wages, and a stagnate economy. Inflation is running at 6.4 percent, the highest rates in forty years for the 15th consecutive month. Real Wages have … Continue Reading
February 13, 2023
THE CBO BASELINE AND ECONOMIC OUTLOOK
WHAT IS THE CBO BASELINE? The Congressional Budget and Impoundment Control Act of 1974 (Budget Act) requires the Congressional Budget Office (CBO) to provide the House and Senate Budget committees with a Budget and Economic Outlook. This annual report, which helps Congress understand the fiscal and economic challenges facing the country, is also known as the CBO baseline. CBO updates the baseline every year. The CBO will release the updated baseline on Wednesday, February 15th. PURPOSE … Continue Reading
February 09, 2023
Chairman Arrington Lays Groundwork for Budget Committee Priorities
WASHINGTON - Today, Chairman Jodey Arrington (TX) and Members of the House Budget Committee held their first official meeting to consider the Rules of the Committee and the Oversight Plan for the 118th Congress. During his opening remarks, Chairman Arrington emphasized the importance of this committee's role as Americans face runaway deficit spending and an unsustainable debt trajectory. Click here to watch Arrington's full remarks Chairman Arrington's opening remarks as … Continue Reading
February 08, 2023
The Debt Limit and Fiscal Restraint
House Republicans will pay our debts and protect the good faith and credit of the United States, but we will not give President Biden an unlimited line of credit. After two years and $10 trillion of unbridled spending by Democrats, which led to record inflation, soaring interest rates, and an economic recession, it would be irresponsible to raise the debt limit without common sense spending controls. Why? Our federal debt is now over $31 trillion, levels we have not seen since World War II … Continue Reading
February 07, 2023
Arrington: Biden Describes Alternate Reality in State of the Union
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement in response to President Biden’s State of the Union Address: "After listening to President Biden tonight, I have a few simple questions for American taxpayers and hard-working families: Have your lives gotten better or worse under the leadership of President Biden? Is our nation stronger or weaker? Is our children’s future brighter or more bleak? "We certainly have more government, more … Continue Reading
February 07, 2023
Arrington: President Biden Must Focus on Nation’s Debt Crisis in SOTU
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement ahead of President Biden’s State of the Union Address: “At tonight’s State of the Union, President Biden will tout a façade of short-term economic upsurge, but the American people are experiencing a very different reality: the state of our economy is anemic. “States like Illinois and Nevada continue to be plagued by record unemployment rates; New York City has transformed into a war zone; … Continue Reading
January 13, 2023
Chairman Arrington: We Will Not Let Politicians Bankrupt Our Country and Destroy Our Children's Future
Today, House Budget Committee Chairman Jodey Arrington (TX-19) released the following statement in response to Treasury Secretary Janet Yellen's letter to Congress on the debt limit: “We will pay our creditors and protect the good faith and credit of the U.S., but we will not let politicians bankrupt our country and destroy our children’s future. No new credit cards until Democrats agree to spending constraints and other fiscal … Continue Reading
December 13, 2022
Smith: Thanks to Biden Inflation Crisis, Americans are Facing a Blue Christmas
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed prices remaining at a 40-year high of 7.1 percent, with overall prices having risen 14.3 percent since Joe Biden became President: “Thanks to the spike in prices brought on by the Biden Administration and Congressional Democrats’ reckless spending, Americans are bracing for a blue Christmas. The tree, the … Continue Reading
December 01, 2022
More Pain Ahead in Biden Economy, Congressional Scorekeeper Projects
WASHINGTON, D.C. - The American economy is projected to experience weaker growth, higher unemployment, higher inflation, and higher interest rates than previously estimated, according to an analysis released yesterday by the Congressional Budget Office (CBO). When compared to CBO’s February 2021 baseline established when President Biden took office, economic and fiscal estimates have worsened dramatically after two years of one-party Democrat rule in Washington. House Budget Committee … Continue Reading
November 10, 2022
Smith: We Must End Reckless Spending to Deliver a Stronger Economy, Lower the Cost of Living
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed prices remaining at a 40-year high of 7.7 percent, with overall prices having risen 14.4 percent since Joe Biden became President: “Today’s inflation report underscores the pain and frustration the American people are feeling as a result of the radical, reckless spending passed by President Biden and his Democrat accomplices in Congress that … Continue Reading
November 08, 2022
Smith-Lummis Op-Ed: Congress must act to stop rising inflation
By Rep. Jason Smith and Sen. Cynthia Lummis The Hill Inflation is impacting every person in this country, particularly those of us living in the so-called “flyover” states like Wyoming and Missouri. Families are being forced to make difficult decisions about what to buy at the grocery store, what bills to pay each month, and what trips to take, if any. On average, inflation is costing people in Wyoming more than $9,900 per year, and Missourians $8,900. The Congressional Budget … Continue Reading
November 07, 2022
Smith Op-Ed: Joe Biden's inflation crisis is worse than Jimmy Carter's
By Rep. Jason Smith Fox NewsFor many Americans, the Biden Presidency has brought with it a feeling of déjá vu. Iran is back in the headlines, prices at the gas pump are causing sticker shock, and inflation is at the top of everyone’s minds. The last time inflation was this high was shortly after President Jimmy Carter left office, voted out by Americans fed up with seeing the value of their paychecks shrink every month. Joe Biden's presidency has frequently been compared … Continue Reading
November 02, 2022
Tax Scorekeeper Confirms Democrats' Partisan Child Tax Credit Policy Costs Taxpayers $1.4 Trillion, Reduces Economic Growth & Removes Workers
A permanent extension of the Democrats’ 2021 Child Tax Credit policy would cost taxpayers $1.4 trillion over the next decade, reduce economic growth, business investment, and labor force participation while resulting in higher inflation, according to a recent analysis by the Joint Committee on Taxation (JCT) released today by House Budget Committee Republican Leader Jason Smith (MO-08) and House Ways and Means Committee Republican Leader Kevin Brady (TX-08). Recent reporting indicates … Continue Reading
November 02, 2022
Smith: Fed Rate Hikes Are Chronic Symptom of Democrat Economic Disaster
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Federal Reserve continued its interest rate increases at the fastest pace in 40 years - raising interest rates by another 75 basis points, the sixth such increase since March, for a total increase of 3.75 percent: “Today’s interest rate increase, the sixth since March, is a chronic symptom of the economic disaster that continues to unfold under one-party … Continue Reading
October 28, 2022
Smith: Republicans’ Commitment to America Will Build an Economy That’s Strong
House Republicans’ Commitment to America will build an economy that’s strong by ending Democrats wasteful spending that sparked the highest inflation in 40 years, reduce gas prices by making more energy in America, and fix the broken supply chain. “The only plan that Democrats have to address inflation is to make it worse. After their $2 trillion American Rescue Plan left behind a massive trail of waste, fraud, and abuse of tax dollars and sparked the … Continue Reading
October 27, 2022
Smith: Biden's Economy is Not Working for Working Americans
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the first measure of Gross Domestic Product for the 3rd quarter was released: “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 … Continue Reading
September 22, 2022
CBO Confirms Families are Falling Behind in Biden’s Economy
The Congressional Budget Office (CBO) confirmed that rising prices are destroying family budgets for Americans in every income bracket, according to a report published today. CBO notes that across the income spectrum, the Biden economy has made workers and families poorer and less financially secure, with working-class families falling the farthest behind. With America’s economy in recession, projections show that the cost of goods is expected to grow faster than income in 2022, forcing … Continue Reading
