On “Yahoo Finance Live,” Republican Leader on the Ways and Means Committee Rep. Kevin Brady (R-TX) outlined a better alternative for the economy than President Biden’s inflation-fueling proposals: cut COVID-era spending, address the worker shortage, and make the Trump tax cuts permanent.
CLICK HERE to watch
Rep. Brady weighed in on what can be done to get the economy back on track:
“If I were the president, and as a Republican, I would say, get all the COVID-era spending programs out of the budget. We don’t need more fuel for inflation.
“Secondly, I would focus on getting that nearly 2 million people we need that aren’t in the workforce back to work. Frankly, we need a lot more than that. But 2 million back reconnected to their jobs. There’s been no effort to do that at all.
“Thirdly, I would make the Trump tax cuts permanent and encourage more investment in the U.S. in the supply chains. I would incentivize those decisions and capital in the supply chain right now.
“The other thing I would do in trade is right now President Biden’s not interested in any trade agreements yet. I think they’re crucial to develop the partnerships for supply chains, make sure we are medically independent and national security independent from China and other actors.”
“The last couple of days have been more bad news. The inflation rate for consumers was higher than expected. Core inflation doubled last month, and so if you look for the last three months, inflation month to month in the U.S. is averaging 9.9 percent. It’s not going away, and may well go higher.”
“Secondly, the wholesale prices we saw double digit price increases for the fifth straight month. And then in the jobs report, you know, now losing 350,000 people out of our workforce last month, another big contributor to inflation, all started with that $2 trillion COVID bill in March.”
On President Biden’s Bidenflation denial and what can be done to address accelerating inflation, Rep. Brady said:
“For the Republican answer we would start with: Don’t make it worse.
“Right now, the President’s still pursuing a nearly $2 trillion Build Back Better plan that has tax hikes that would drive prices higher and more fuel into the economy on the demand side.
“So look, I think the President needs to own this. It would be terrific if he’d actually sit down and work with Republicans on these issues.”