“The Biden administration will transform our economy into a stagnant morass of inflation, high unemployment, and government dependency,” warned Republican Leader on the Ways and Means Health Subcommittee Rep. Devin Nunes (R-CA) in an op-ed for the Washington Examiner.

KEY EXCERPTS:

• “The economy can hardly afford to suffer these kinds of blows. The job creation number in September (194,000) fell far short of projections of 400,000-500,000, the second consecutive bad monthly jobs report.”

• “The Democrats’ spending spree will worsen all these problems. The new funding will exacerbate inflation, environmental mandates will deepen the supply chain crisis at California ports (which partly stems from state emissions standards on trucks), unemployment will rise when companies move their production abroad, and business start-ups will decline when entrepreneurs are forced to navigate a new thicket of regulations just to operate a small business.”

• “And of course, contrary to the Democrats’ claims, there is no magic fairy that will pay for their agenda. Crippling tax hikes will cover part of the cost, while the rest will be tacked on to the enormous national debt we are accruing for our children and grandchildren.”

• “We won’t be seeing any more of the growth of the Trump years, when congressional Republicans and President Donald Trump passed the Tax Cuts and Jobs Act. That bill cut taxes and simplified the tax code (in other words, the precise opposite approach of the Democrats’ plan) and ushered in historic gains in real living standards, especially among those on the lowest rungs of the economic ladder. The average real income for the bottom 20% of wage earners grew at nearly 4.9%, faster than any other income group. As a result, wealth inequality fell, and incomes for Hispanic, black, and Asian Americans hit historic highs as unemployment fell to record lows.”

Read the full op-ed HERE.

KEY TAKEAWAYS:

Bidenflation is a tax hike on American families driven by Democrats’ massive Washington spending.

• The Federal Reserve Bank’s key inflation measures are on track to hit the highest rate since 1982 (nearly 40 years).
• Inflation is a tax on low-income families that disproportionately hurts the poor. 
• American families are falling behind as trillions in wasteful government spending are forcing them to spend an estimated $175 extra per month on food, fuel, and housing, according to chief economist at Moody’s Analytics.

President Biden has fallen short on his jobs promises and is holding back our recovery.

• President Biden is still short of his jobs promises by 944,000 jobs. 
• Democrats are crushing Main Street businesses by forcing them to compete with endless government checks to fill job openings.
• ​​Under President Biden, Main Street businesses of every size are struggling to find workers. Labor force participation rate has barely moved.

Democrats are going to reverse the historic gains made under tax reform.

• Income and wealth inequality fell after TCJA, as real wages for the bottom 10 percent grew nearly twice as fast as the top 10 percent.
• More than 6 million people were lifted out of poverty in the years following TCJA, dropping the poverty rate to 10.5 percent, the lowest level in U.S. history.
• Republican tax reform in 2017 resulted in an R&D boom – R&D spending increased by 25 percent to a new record high, creating new good-paying jobs and higher wages.