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 worst spike in prices in forty years, Democrats responded by trying to spend their way out of it. Washington Democrats have increased spending by $10 trillion in Joe Biden’s first 20 months in office, a new record, and Americans are paying for it every time they check out at the grocery store or fuel up at the pump. Republicans know that inflation is the top concern for families, and we have a plan to fight back against the high prices that are crushing all Americans. It starts with ending the efforts of Washington Democrats for more stimulus spending that is fueling inflation, ending our dependence on China by strengthening domestic supply chains, and taking the government’s boot off the neck of American energy production.”

- House Budget Committee Republican Leader Jason Smith (MO-08)

CURBING WASTEFUL SPENDING Republicans will stop Democrats’ reckless $10 trillion spending spree:

End taxpayer-funded welfare to the wealthy
Ensure government is incentivizing a return to work, not paying people not to work
Perform Congressional oversight on the trail of waste, fraud, and abuse created by Democrats’ “Rescue” Plan and wealthy green handouts in their “Inflation Reduction Act”
Use every tool at our disposal to rein in wasteful spending

INCREASING INCOME Republicans will fix Biden’s broken economy that has delivered 17 straight months of real-wage decline:

Support American-made energy to lower gas prices
Extend Tax Cuts & Jobs Act provisions that support workers and families
Reduce burdensome Washington regulations that stifle growth and harm productivity
Bring good-paying jobs to America and expand U.S. manufacturing to reduce dependence on China
Stand up new incentives for wage increases & job creation in the U.S.

WASTING TAX DOLLARS The $2 trillion American Rescue Plan sparked inflation and left a trail of waste, fraud, and abuse on items like:

COST OF ONE-PARTY DEMOCRAT RULE Democrats have increased spending by $10 trillion over what was projected when Biden took office, including:

$2 trillion American Rescue Plan that paid people not to work and sparked inflation
$745 billion Inflation Act that hired 87,000 IRS agents and does nothing to combat inflation or reduce the debt
$625 billion infrastructure law that was unpaid-for
$1 trillion+ on Biden executive actions
$2.5 trillion in higher interest payments on the national debt

CONSEQUENCES OF DEMOCRAT SPENDING The highest spike in prices coupled with the fastest increase in interest rates in 40 years.

Inflation has increased 13.9 percent since President Biden took office
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, most recently by 75 basis points – the fifth such rate increase since March with others expected on the horizon. In total, the federal funds rate has risen by 3.0 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.

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