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CBO Report Key Takeaway: Biden Policies Shrink the Economy

May 27, 2022

The Congressional Budget Office’s report released this week shows what Ways and Means Republican Leader Rep. Kevin Brady (R-TX) referred to as a “Grand Slam of Misery,” for workers, families, and the economy – confirming that President Biden’s policies have led to rising inflation, rising borrowing costs, a worker shortage, and a shrinking economy.


READ: Brady: CBO Confirms Dems Fueled Labor Shortage and Bidenflation, Repeal of GOP Tax Cuts Leads to Slower Growth


CBO Forecasts Higher Inflation, Higher Unemployment, and Lower Growth than the White House’s Forecast.

  • Within this year, CBO forecasts inflation to be nearly 2 percentage points higher than the White House.
  • Over the next 10 years, CBO forecasts GDP to be a half percentage point lower than the White House estimates.
  • Unemployment rates reach as high as 4.6 percent under the CBO forecast while the White House believes that unemployment rises no higher than 3.8 percent.


Key Background:


American Families Are Suffering and Biden’s Tax Hikes Would Make it Worse.


Americans Have Lost Confidence in the President’s Competency To Heal This Shrinking Economy.

  • At least 85 percent of Americans believe the U.S. will be in recession in the next year, as rising costs rob more of workers’ paychecks.
  • Even Mark Zandi, the White House’s preferred economic forecaster, says the Build Back Better bill will worsen inflation: “None of these ideas so far will help to a meaningful degree, and could do some harm because they could juice up demand at a time supply is constrained by the pandemic and worsen inflation.”


Democrats Have Refused to Work with the GOP to Fight Inflation.