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Chairman Smith: “Bidenomics” Is A Disaster for Working-Class Families

July 09, 2023

WASHINGTON, DC – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics released the June 2023 jobs report:

“President Biden’s so-called ‘Bidenomics’ shows how out of touch he is with working Americans. Small businesses and workers are being harmed by weak economic growth and the Fed hiking interest rates to combat inflation created by Democrats’ reckless spending. Even job growth is darkened by the fact that wages have not kept up with a 15.5 percent increase in prices since Joe Biden took the Oath of Office. For 26 straight months, wages have not kept up with inflation, shrinking the value of every paycheck bit by bit. Meanwhile, rising interest rates have made the American Dream of buying a house or expanding a small business a fantasy for many; economists are expecting a recession before the end of Biden’s term – if we aren’t already in one; and America remains dependent on China for critical supply chains. The Ways and Means Committee is getting outside of Washington and listening to the concerns of working families and small businesses – the folks who have been directly harmed by President Biden’s economic agenda. Our legislation, the American Families and Jobs Act, would provide crucial relief to working families and small businesses hammered by more than two years of ‘Bidenomics.’”

“Bidenomics” Failing Workers & Small Businesses:

  • The April and May jobs numbers were revised down by 110k in total.
  • Inflation has cost the average American family $10,000 already.
  • Real wages have decreased 3.2 percent since President Biden took office.
  • 1 in 6 retirees are considering returning to work and 55 percent of retirees who went back to work did so because they needed more money.
  • Vanguard: Average retirement savings account has lost 20 percent of its value over the last year.
  • Major American financial institutions all expect a recession before the end of President Biden’s term.
  • The New York Federal Reserve’s recession probability model calculates a 71 percent probability that the economy will slide into a recession by May 2024 – the highest reading since 1982.