Americans Are Paying a Steep Price for this President’s Economic Incompetency
Democrats will damage the economy further with their Build Back Better agenda while Americans pay the price, Republican Leader on the Ways and Means Committee Rep. Kevin Brady (R-TX) warned in a conversation with former-Rep. Sean Duffy on Fox Business. Rep. Brady also highlighted a new Ways and Means bill to address the billions lost to fraud in COVID unemployment programs.
CLICK HERE to watch the full interview.
During her testimony, Secretary Yellen admitted that eight percent inflation is unacceptable, but still hasn’t admitted that it was caused by Democrats’ COVID stimulus spending:
“They should have known because inflation had already doubled just in the first two months of President Biden. It was way above what the Federal Reserve has set for a target, which Secretary Yellen knows well, and still she was urging Congress publicly to ‘Act big, Act now’ and still reassuring the American public that we will not see inflation from this.
“And of course, that fueled inflation in a major way today. I know the President loves to brag about the economy – we’ve got a shrinking economy, we have shrinking paychecks, obviously, we’ve got small business growth that’s slowing.
“In fact, small businesses have lost jobs three of the last four months. And we have a looming recession. And yet the Administration, they’re not learning from this. They’re staying the course: more federal spending, higher taxes that would drive inflation even higher on people, and then this new global minimum tax that frankly, surrenders our tax base and our tax code to foreign governments.”
READ: FACT CHECK: Democrats’ Bidenflation Denial
Life is harder for American families and small businesses because of Democrat policies and the Biden Administration and more tax increases would make the economy even worse:
“Even a trimmed down Build Back Better is a trillion and a half dollars of tax hikes on Main Street businesses and our U.S. investors in a big way, and then the spending is going to fuel inflation. I worry that the Senate is going to find a way to do even more damage to the economy at a time that most Americans have absolutely lost faith.”
READ: Brady: Under President Biden, Life is Harder for American Families and Small Businesses
American families are paying the price for inflation caused by the Biden Administration’s policies:
“There’s no question, if you encapsulate the Biden Presidency, he bungled this economy. He came in with every advantage in the world, bungled this economy, missed the economic standards four out of the five quarters he’s been President, and Americans are paying a very steep price for that incompetence on the economy. And now I worry, they’re going to make it worse.”
READ: Fact Check: Americans Need Solutions to Inflation, Not Higher Taxes
The Government Accountability Office’s (GAO) latest report raised red flags on the billions of taxpayer dollars lost to fraud in COVID unemployment programs:
“The bottom line is – this is the greatest strength theft of American tax dollars in history and Democrats don’t care.
“And the President, not only doesn’t care, he didn’t ask to stop it, but he basically told states, we forgive you. You don’t even have to pursue what could be $400 billion of fraud, more than we spend on the Army and the Navy combined each year.
“Republicans had a simple amendment that said before you pay those benefits out, verify their identity and their wages. That’s it. That would have stopped so much of this fraud.”
Ways and Means Republicans have introduced a bill to protect American taxpayers and incentivize states to address unemployment fraud:
“GAO basically said: we don’t know. We have no idea how much has been stolen and there’s no effort to get it back. Republicans on the Ways and Means Committee introduced legislation that really incentivizes states to go back and recover those fraudulent dollars – and keep some of it by the way – we’re incentivizing them to do, and put in place the protections against further fraud because this isn’t stopping.
“That program may be over. But that approach, including from criminal gangs, and overseas gangs, continues.”
READ: Brady Responds to GAO Red Flags on COVID Unemployment Fraud