Brady: Denial Worsened Inflation and Worker Shortage – Now the Economy’s in Tough Shape
Workers and small business owners are feeling the burden of record-high inflation. Democrats’ $2 trillion stimulus drove prices higher and worsened the labor shortage. In an interview with Sirius XM Radio’s Julie Mason on “Julie Mason Mornings,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) discussed how Americans nationwide are struggling.
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American families and small businesses are suffering under inflation and Biden’s tax hikes would make it worse:
“We’re continuing to do town hall meetings and roundtables, and we’re hearing a lot of concern about the economy and inflation. When we’re meeting with our small businesses – including restaurants – what they’re buying has been double digit now for almost half a year. Those high costs on local businesses always end up in consumer prices. That’s a big, big worry.
“We’ve had seven straight months where families’ paychecks have been shrinking, and because of this wage-price spiral, inflation is going to stay brutally high for an awful long time.”
Congress’s nonpartisan budget analyst, the Congressional Budget Office (CBO’s), confirms that Dems fueled the labor shortage and inflation:
“What has gotten worse than expected since the President took office? [CBO’s] answer is: Obviously inflation is at a historically 40-year high. National debt is worse than expected. Borrowing costs, and the worker shortage as well. They really pin that clearly on President Biden’s $2 trillion COVID stimulus that drove inflation and kept incentives in place that disconnected people from work.”
READ: CBO Report Key Takeaway: Biden Policies Shrink the Economy
President Biden and Federal Reserve Chairman Jerome Powell have been in denial of inflation:
“[Powell] and President Biden lost a year where they were just in denial that inflation was occurring. They dismissed the worker shortage, just literally saying it wasn’t happening. The whole time, here at home in Texas, for example, we could see both catching fire in a big way. I’m convinced because both of them dismissed and denied those real economic issues. That’s why our economy is in tough shape right now.”
READ: ONE PAGER: If Fighting Inflation is Dems’ Top Priority, Why Won’t They Work With GOP?
The worker shortage continues to drive inflation:
“We’re missing about 2 million workers from the age 24 to 54 – those are prime workers every business depends upon that just never returned from the pandemic.
“There’s been no effort to reconnect to work. I fault the President here because he continues to ignore that isuse. Having more workers, whether it’s for assembling the products, manning the production lines, delivering them, servicing products, I think would do well to tamp down inflation if we had that workforce.”