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Brady: Household Wealth Declined for Third Consecutive Quarter This Year

December 14, 2022

American families are getting a cruel gift in President Biden’s economy ahead of the holidays, with new reports from the Joint Economic Committee showing the average American household will pay an extra $9,000 in the coming year because of Biden-Flation over the last two years, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on the “Guy Benson Show” on Fox News Radio.


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Despite President Biden’s claims, inflation is still outpacing wages as American families fall behind. 


“Remember the President a year ago said that inflation had peaked. Yet it rose after that and right now is at over 7 percent. What we’re seeing is groceries are still just crushingly high about 12 percent increase year over year. 


“Housing rents are at the highest increase since we’ve recorded it. That’s really tough on families. American families are maxing out their credit cards, they’re skipping meals, and delaying their retirement. Household wealth has declined for the third consecutive quarter already this year. 


“I just saw a new report from the Joint Economic Committee that said the average American household will pay an extra $9,000 a year in the coming year because of President Biden’s inflation over the last two. This is just again, another really cruel gift to be given at the holidays.”


READ: Brady: Inflation Still Raging One Year After Biden Said It Peaked


Democrats already spent over $3 trillion over the budget this session. The worst thing we can do for the economy is continue this spending spree with inflation so high.


“I worry that Democrats may be proposing a year-long spending spree with an 8 percent increase in non-emergency spending, which would be higher than inflation.


“I don’t want to see Congress go on another spending spree while we’re still fighting to get inflation down. But funding the government is the top priority for Congress. 


Congress should be able to pass pro-growth incentives, like the R&D tax credit, in a bipartisan way.


“There are three provisions from the Tax Cuts and Jobs Act that are incredibly important for Main Street businesses and for companies that do research and development and do it here in America. These three provisions cost very little, but have a huge bang for their buck in the economy. 


“We’re hoping we can reach some common ground with Democrats there, but they’re looking for hundreds of billions more spending on the Child Tax Credit. So we’ll see if we can find a balanced package, and the same thing on trade and health care. I think there’s some basic, urgent, bipartisan measures that don’t cost much that we should be able to do. But again, negotiations aren’t going quite as well as I would like because some are looking for a big blow-out package. I think narrow and necessary is what we should be doing right now.”


Rather than lock in Democrats’ overspending, Congress should end the labor shortage and grow the economy.


“My belief is that on January 3rd, the power of the purse for the government will be shared by Republicans and Democrats. That is a rare opportunity for us to start to peel back and have the leverage over executive actions, over regulations that are punishing families and the economy as well. I’d like to see us sooner rather than later get a chance to put our fingerprint on the budget. 


“The biggest thing for me is: Let’s not make inflation worse or grow the government more hastily in this lame duck.”