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WASHINGTON, D.C. – President Biden’s policies are cooling off America’s jobs recovery, argued top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) today on CNBC’s Squawk Box.
KEY TAKEAWAYS:
JOBS
- President Biden is failing on his jobs promises from the $1.9 trillion American Rescue Act “stimulus,” despite huge advantages he inherited, including vaccines, a reopening economy, and trillions in emergency spending. He has added merely one third of the jobs promised at this point, and will need 1.56 million jobs added in June to get back on track.
WAGES
- Biden’s “stimulus” didn’t bring us jobs—it brought inflation. Prices are rising twice as fast as paychecks – so American families are falling behind. Real wages have declined since President Biden took office.
WORKERS
- This is another big number to watch. Labor force participation remains below the pre-COVID rate and is stuck alarmingly low. The June Jobs report’s labor force participation rate needs to rise toward 63.3% from the current 61.6% to show any meaningful progress. If Biden can’t get people back to work, our economic rebound will continue to suffer.
KEY QUOTE:
“The June jobs report is really crucial […] Democrats spent $1.9 trillion on American Rescue Plan, and it has only created one third of the jobs the White House promised it would.
“Prices are going up at twice the rate as paychecks are, and people just aren’t coming back to work. As we look at spending another trillion dollars — and then maybe $6 trillion in the future — we are asked what are we getting for it right now?
“Higher prices are not making any changes in the trajectory of jobs. Republicans are skeptical about what economic benefit we’re getting at these trillion-dollar packages, including infrastructure.”
On Democrats’ push for crippling tax hikes and more spending in infrastructure:
“Democrats are going to push through just a partisan highway bill – much of it green New Deal – most of it going to democratic states.
“I don’t think you’re going to solve infrastructure, taking that approach. Every Republican ought to be worried about infrastructure being another pilot chute, you know, for opening another huge spending and tax bill.
“And as you can tell right now, we didn’t get much from the American rescue plan – $1.9 trillion, none of it paid for, jobs not here, wages going up, people aren’t coming back to work.
“Why should we buy into another plan that fails significantly as that one is?”
On the need for President Biden to end his trade moratorium and pursue new trade agreements:
“If we want the economy to grow, we need more customers for our products and services produced here in America.
“That’s why trade matters.
“This week is the one-year anniversary of the modernized trade agreement with Canada and Mexico. It’s also a week where the President’s power to negotiate new trade agreements expires, and I worry that without that authority — the President doesn’t seem to want it — we’re not going to be able to get back on the playing field and negotiate trade agreements that work for America.”
On the new bipartisan bill to renew the GSP and MTB trade programs:
“Senate Democrats and Republicans, and House Republicans, have joined together in a bipartisan way to extend these bills.
“I think it’s crucial for us to be able to sell, compete — not just here, but around the world — for us to get back on the trade field.
“Our competitors, China, Europe, others, they are competing ferociously, and these agreements work to their advantage, not ours.”
READ: New Bill Helps Small Businesses Suffering Under Democrats’ Trade Moratorium