Skip to content

Chairman Smith: ‘Bidenomics’ Holds Back the Job Market, Fuels Higher Prices

August 04, 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 July 2023 jobs report:

“Since President Biden took office, our economy has struggled to return to the trend of employment levels that were booming prior to the pandemic, with labor force participation remaining flat for five months in a row. ‘Bidenomics’ fueled a spike in the price of everything from gas to groceries to homes, and fighting it with interest rates, by design, puts the brakes on the economy, including the job market. The results have been a disaster for working families – fewer jobs, paychecks that don’t buy as much as they used to, and rising costs for car loans and home mortgages. No matter the fake spin coming out of the White House, Americans know President Biden is pushing the economy off the ledge. Instead, Democrats should embrace Republicans’ jobs plan to lock in the success of tax reform, get more Americans back to work, and grow our economy.”

Fallout from Bidenomics:

  • Prices have increased 16.6 percent since President Biden took office – with inflation costing the average American family $10,000 already.
  • Real wages have decreased 4.0 percent since President Biden took office.
  • Interest rates are at their highest level in 22 years – with the Federal Reserve raising rates 11 times since March 2022.


READ: Chairman Smith: Fed’s Inflation-Fighting Rate Hikes More Proof That ‘Bidenomics’ Is Failing Americans

READ: Chairman Smith: Democrats’ Inflation Mess Pickpocketed Families. Republicans Are Acting to Put Money Back Into Their Pockets.

POLL: Americans’ Personal Finances Are Getting Worse

According to a new poll from CBS News/YouGov, Americans see their income isn’t keeping up with prices and the economy is in “bad” shape.

  • 70 percent of Americans say their work income is not keeping up with inflation.
  • 65 percent of Americans say prices have gone up in the last few weeks
  • 65 percent of Americans rate the economy as “bad.” Only 29 percent rate the economy as “good.”
  • 61 percent of Americans describe the economy as “struggling,” 56 percent of Americans as “uncertain,” and 36 percent of Americans describe it as “unfair.” Only 11 percent describe the economy as “expanding.”