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 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)

Consequences of Democrat Spending The highest spike in prices coupled with the fastest increase in interest rates in 40 years.
  • Inflation is at a forty-year high of 8.2 percent.
  • Inflation has increased 13.9 percent since President Biden took office.
  • Inflation has grown over twice as fast under Biden as it did under President Carter.
  • Real wages have decreased 4.4 percent since President Biden took office.
  • Gas prices have risen 111 percent at their peak since President Biden took office.
  • Average mortgage payment is 49 percent higher than one year ago.
  • To combat the President's inflation crisis, the Federal Reserve is raising interest rates at the fastest pace in 40 years, and larger than the last 15 years combined