With many small businesses fearing they won’t survive inflation and the savings of 26 million households wiped out from rising prices, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) outlined Republican solutions to get the economy back on track on Yahoo Finance Live. Rep. Brady also warned against more crippling tax hikes and runaway spending in Democrats’ Build Back Better proposals, and how President Biden’s cruel economy is headed towards an inevitable recession.
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Americans need real solutions to fight inflation, not President Biden’s crippling tax hikes and more spending:
“New reports out here in the last few days proved President Biden’s economy is a very cruel economy. Two out of three Americans are dipping into their savings to try to pay for these higher prices. […] Twenty-six million Americans have had their savings wiped out because of these higher prices and one out of four report they’re delaying their own retirement due to the President’s economy.”
Republicans have outlined steps to get our economy back on track:
“Republicans will do the opposite. We’re going to eliminate the COVID-era spending that fuels so much inflation. Rather than higher taxes on Main Street businesses that will drive inflation, we’ll seek to make lower taxes permanent. You’re going to see a concerted effort to reconnect workers to their jobs. We don’t have them to assemble products, man production lines, deliver them, service them, and unless we get people reconnected, we’re going to see higher prices and higher inflation for a much longer period.”
The worker shortage, stoked by Democrats’ policies, is contributing to inflation:
“The last two years we’ve seen too many incentives – and some are still in place – that actually make it easier for people to stay home than to reconnect to work. We need to not only eliminate them, but we need to create incentives to reconnect to work in a bigger way. Getting energy prices down, unlocking more American energy would help with that daily commute and the cost of that paycheck. Right now, people see inflation so high that they think it doesn’t help to work. It’s really just the opposite. We need you back in this economy in a big way.”
Inflation is crushing small businesses and top job creators believe a recession is unavoidable:
“It’s difficult for small businesses because right now, six out ten fear they won’t survive because rising prices are just hammering them. Their inflation has increased by double digits for more than half a year now. They’re struggling to find workers, products, equipment, all of that. They are paying the highest salaries they possibly can. But in this wage-price spiral that America is in right now, it is impossible to keep up. All of that is fueling what is an imminent recession, if we’re not already in it.”