WASHINGTON, D.C. – More than four years after Moody’s incorrectly predicted the so-called American Rescue Plan would have a negligible effect on inflation while creating 4 million jobs, the credit ratings agency has issued a controversial and unusually timed statement about America’s fiscal health. Ways and Means Chairman Jason Smith (MO-08) said:

“We have heard a lot about a coverup of President Biden’s mental state, but here we have a cover up of President Biden’s economic failures. Moody’s was wrong about Bidenflation by a factor of hundreds, and predicted a jobs boom that turned out to be a trickle thanks to Democrats paying people more to stay at home than to go to work. Revenues were historically high after the Tax Cuts and Jobs Act, but Moody’s misses that too. U.S. Treasuries remain the largest and most liquid market in the world and the safe haven for investors — as demonstrated by recent continued strong demand. It’s hardly a surprise that the greatest economic cheerleader of Biden’s economic disasters refuses to recognize that Republicans have delivered $1.6 trillion in savings as part of The One, Big, Beautiful Bill. 

“House Republicans have fought tooth and nail to rein in spending, and now, with President Trump in office, we’re back on track. The One, Big, Beautiful Bill stops the largest tax increase in history and focuses benefits on workers, families, farmers, and small businesses. It unleashes made-in-America manufacturing and delivers on President Trump’s promise to American workers with tax relief for tipped workers, hourly employees, seniors, and families looking to buy a car. This is an economic growth agenda combined with historic spending reforms that protect those in need and put us on a path to a better future.”