Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics released the November 2024 jobs report, showing 227,000 jobs were added to the economy:
“After four years of economic uncertainty fueled by destructive policies, Americans are already more hopeful with President Trump returning to the White House. Consumers and small businesses are showing more confidence now that America will again have a President who fights for the interests of working families.
“The American people gave President Trump a mandate to provide relief from the suffering they’ve endured under the Biden-Harris economic nightmare. President Trump’s tax and trade agenda are the right, proven policies for creating good-paying jobs. Building on the success of the Trump tax cuts ahead of the 2025 tax cliff is absolutely necessary to return to the proven economic playbook that will make America prosperous again. After the 2017 Trump tax cuts, 5 million new jobs were created and unemployment fell to the lowest level in 50 years. Ways and Means Tax Teams have held over 120 listening sessions in 20 states to partner with the American people and build on the success of the Trump tax cuts. Regardless of industry or location, Americans are telling us they need the Trump tax cuts to hire new employees and bring more jobs to more corners of America”
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Americans Are Now More Confident In The Future
- Rising Small Business Confidence: Small business confidence has now risen to the highest level since 2018, according to the CNBC|SurveyMonkey Small Business Confidence Index Q4 2024. The increase is driven, in part, by increased expectations for better tax and trade policy with unified Republican control of the White House and Congress.
- Rising Worker Confidence: U.S. consumer confidence surged to the highest level in 16 months, driven by rising optimism in the labor market, according to the Conference Board.
- Everything Costs More: Prices have increased 20.7 percent since the beginning of the Biden-Harris Administration.
- Americans Making Less: Real wages and benefits have fallen 3.1 percent since the beginning of the Biden-Harris Administration.
- Inflation Above Fed’s Target: For 44 straight months, inflation has been above the Federal Reserve’s 2 percent target.
- Inflation Higher Than Wages: Inflation outpaced wages for 26 straight months under the Biden-Harris Administration.
- Historic Interest Rates: Under the Biden-Harris Administration, interest rates hit their highest levels in 23 years.
- Mortgage Costs 101 Percent Higher: The monthly mortgage payment for a median priced new home has increased $1,149 and is 101 percent higher than when President Biden and Vice President Harris took office in January 2021.
- $1 Trillion+ Credit Card Debt: Credit card interest rates are at their highest levels in more than three decades, while consumer credit debt has exceeded $1 trillion for six calendar quarters. The number of Americans struggling to pay credit card bills has increased to levels not seen since the great financial crisis. More than 11 percent of credit card balances are more than 90 days past due.
- Shrinking Savings: Thanks to higher prices, families have spent the entirety of their pandemic savings by 2024, and they are able to save less of their income. The average personal savings rate since President Biden and Vice President Harris took office is 2.9 percent lower than the pre-Biden-Harris average and it remains comparatively low at 4.6 percent today.
- Families Falling Behind on Bills: Over one-third of families (37 percent) paid a late fee in the past year.