“It is shocking how many Americans are losing ground every month,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Kudlow” on Fox Business, discussing how Americans are facing the steepest pay cut in 25 years, according to a new report by the Dallas Federal Reserve.
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Inflation is slashing paychecks for the middle class causing the steepest pay cut in 25 years.
“It is shocking how many Americans are losing ground every month. The amount lost is the equivalent of literally missing one month of your paycheck. Imagine that for a family of four, or for blue-collar workers in America. It is crushing. It is not going away.
“I noticed a survey of chief financial officers that believe we haven’t hit the peak yet. Most CEOs in America see a serious recession either underway or arriving in the next year.
“The bad news for this president just keeps piling on.”
Workers are suffering in President Biden’s cruel economy.
“New reports show they are skipping meals. They’re dipping into their savings. Seventy percent say they’re looking for extra work to find a way to somehow make ends meet.
“We’ve got a lot of Americans who decided to delay their own retirement because they don’t know how to make it in Joe Biden’s very cruel economy. The president is doing nothing about reducing those crushing prices.”
Democrats’ “Inflation Reduction Act” sends energy costs soaring and sticks the American people with the tab.
“I think this is going to be a deadly winter in America. Again, I do criticize the president on this because he is the one that has really driven American-Made energy sky-high in prices, he’s done everything he can to try and discourage domestic production.
“And now we are at the mercy of foreign countries. We’re not doing what we need to help our allies, especially in this war against Russia.
“We’re seeing another roughly half trillion dollars in new spending and debt in this student loan giveaway. It just seems to me that blue-collar workers and value-shopping families are just getting kicked in the gut by this president.”
Republicans have a plan to create a stronger economy.
“If you look at our first priority – an economy that is strong – what you will see are policies that mean less wasteful spending, less regulation that drive-up prices in a big way, and less taxes, but more American-Made energy, more innovation, and more workers, all of which drive prices down, to make us stronger.
“As you know, we just hit the $31 trillion public debt mark. It is dangerously high and growing. Look, you can’t get your house in order financially if you don’t have a strong economy and growing revenues.”