| “This report shows that unless better policies are put in place to strengthen America’s economy, grow jobs and wages, and rollback reckless spending, Americans will continue to feel the effects of the Democrats’ failed economic policies for years to come. In fact, interest rates are now projected to be on average 4,700 percent higher in 2023 than CBO estimated at the start of Biden’s presidency. Thanks to the ongoing economic fallout from the Democrat agenda, the average unemployment rate for 2023 is projected to be nearly 38 percent higher than its current level. The last two years of Democrat one-party rule have been a disaster for working families who are struggling just to put food on the table. President Biden and Washington Democrats’ $10 trillion spending spree sparked inflation, forcing the Federal Reserve to raise interest rates to combat the highest spike in prices in 40 years, and have set our economy on a course for more pain to come. That is why House Republicans have made a commitment to use our new majority to stop the bleeding, fight back against wasteful spending, support higher wages, a stronger economy, energy independence, and to stop surrendering American jobs and supply chains to China.”
- House Budget Committee Republican Leader Smith | | |
