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Smith: Biden’s Economy Continues to Stumble Along

September 01, 2023

Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the August 2023 jobs report showed lackluster job creation numbers and an increase in unemployment – coming on the heels of the recent Personal Consumption Expenditures (PCE) price index report, the Federal Reserve’s preferred measure of inflation, as well as the recent Consumer Price Index report, which revealed consumer prices remain on the rise:

“The American people are still being throttled by the Biden Administration’s disastrous agenda and reckless spending. Under Republican economic policies, job growth reached historic highs while lower-income workers saw fifty percent higher wage growth than high-income earners. Today, under President Biden, the situation is reversed and lower-income workers are suffering the most:  63 percent of Americans are living paycheck to paycheck.  This has been exacerbated by higher prices that have robbed every working family of $10,000 per year and stifled economic growth. Conservatives in Washington will continue to fight back against Democrats’ out-of-control spending and focus on policies that will grow our economy, create good-paying jobs, and deliver relief for working-class families, farmers, and small businesses.”

“Bidenomics” at Work:

  • The unemployment rate increased from 3.5 to 3.8 percent in the month of August.
  • Prices have increased 16.9 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.
  • Inflation outpaced wages for 27 straight months of Biden’s presidency.
  • Interest rates are at their highest level in 22 years – with the Federal Reserve raising rates 11 times since March 2022.
  • Families are struggling to afford home ownership; the cost of a mortgage on the median priced new home has increased over $1,200 per month, more than doubling since President Biden took office.

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

READ: Chairman Smith: Biden Bankrupting Families While Bankrupting America