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Chairman Smith: Big Government Wins Again

July 05, 2024

“Hiring paper pushers and IRS agents does nothing to help small businesses struggling to make payroll.”

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics released the June 2024 jobs report:

“Bidenomics continues to put the interests of big government over workers and families. President Biden has created more than 1.5 million new jobs for bureaucrats since he took office, paid for by higher inflation-causing spending and increased borrowing costs. Todays’ jobs report is no different: there were 70,000 new bureaucrats put on payroll, while 8,000 manufacturing jobs were cut. New jobs should be the result of a growing economy, not more government spending. Hiring paper pushers and IRS agents does nothing to help small businesses struggling to make payroll.

“While President Biden’s plan is to raise taxes on small businesses as part of his $7 trillion largest tax hike in American history, Ways and Means Tax Teams are working to help businesses prosper, hire new employees, and return America to the Trump tax cuts record of more jobs with bigger paychecks.”

READ: Averting President Biden’s 2025 Tax Hike

Key Background:

  • 70,000 new government jobs were created, while the manufacturing sector saw 8,000 jobs cut.
  • The April and May jobs numbers were revised down by 111,000 in total. 
  • Unemployment rate rose to 4.1 percent.
  • Prices have increased 20.1 percent since President Biden took office.
  • Real wages and benefits have fallen 3.9 percent since President Biden took office.
  • Weak Economy: The economy continues to be weighed down by Bidenomics, with the Bureau of Economic Analysis newly estimating the economy grew a sluggish 1.4 percent in the first quarter of 2024, a full three points lower than forecasted. 
  • Inflation Higher Than Wages: Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • Historic Interest Rates: Under President Biden, interest rates hit their highest levels in 23 years.
  • Doubled Mortgage Costs: The monthly mortgage payment for a median priced new home has increased by $1,056 and is 93 percent higher than when President Biden took office in January 2021.
  • $1 Trillion+ Credit Card Debt: Credit card interest rates are at the highest level in more than three decades, while consumer credit debt has exceeded $1 trillion for the second calendar quarter and the number of Americans struggling to pay credit card bills has increased to the highest level in 12 years.
  • Shrinking Savings: Thanks to higher prices, families have spent the entirety of their pandemic savings by 2024 and they are not able to save more of their income. The personal savings rate has dropped to 3.6 percent, far below its historic average of 8.5 percent.
  • Families Falling Behind on Bills: Over one-third of families (37 percent) paid a late fee in the past year.