Today, the Top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) spoke on the House floor regarding the state of the U.S. economy.
Rep. Brady said:
“The time for emergency spending is over. The time for endless government checks is over. We cannot become the Olive Garden of never-ending government checks.
“It won’t help people rebuild their lives, and it won’t help us rebuild the economy.
“Our job creators shouldn’t have to compete with the federal government. Instead of helping America get back to work, the Biden administration is pushing crippling tax hikes that will cost us millions of new jobs.”
- Americans are bracing for a long, hot summer of rapidly increasing costs. With consumer prices jumping 5 percent – the fastest spike since the summer of 2008 – America’s working families are seeing their wage gains wiped out with increasing costs.
- Main Street businesses have been hit the hardest, and working families are feeling the pinch of Democrats’ stealth tax everywhere they turn.
- With Democrats’ runaway spending sending consumer prices soar, the last thing the American people need is President Biden’s tax hike.
CLICK HERE to watch Rep. Brady’s full remarks.
Read Rep. Brady’s full remarks below:
The President inherited a strong recovery like life-saving vaccines, a reopening economy, and trillions of dollars in stimulus, yet in his first five months of this year, America is nearly 550,000 fewer jobs than in the last five months of 2020 under President Trump: 550,000 fewer jobs.
Inflation is running twice as high as wage growth. In fact, for Americans, their pocketbook, their paycheck, has actually declined in buying power since President Biden took office.
America’s jobs recovery ought to be surging, but instead, April and May reports were just disastrous. Main Street businesses – as Congressman Cawthorn you said – are struggling to find workers.
Labor force participation is back in the 1970s. Inflation has hit a 13 year high, and a lot of Americans are fearful of the impact of rising prices and a slow growth economy when the sugar high from all the COVID-stimulus goes away which is exactly what President Biden’s budget admits will do.
This President is sabotaging America’s jobs recovery with crippling tax increases and anti-business policies that hurt working families and Main Street businesses and drive U.S. jobs overseas.
Treasury Secretary Yellen, the other day, conceded that, just as you heard tonight, these lavish federal unemployment bonuses really are hurting Main Street and hurting hiring.
Thankfully, half of America’s states – including one blue state – have opted out of these benefits to help reconnect workers and help our economy survive.
A recent analysis by the Ways and Means staff shows that Congress already approved, for an average family of four where both parents are out of work, we’ve already approved over $109,000.00 in stimulus checks, unemployment checks, and child checks: $109,000.00.
We were incredibly generous during COVID to help people get back on their feet, defeat this virus, and move back.
The time for emergency spending is over. The time for endless government checks is over. We cannot become the Olive Garden of never-ending government checks.
It won’t help people rebuild their lives, and it won’t help us rebuild the economy.
Unfortunately because of these bonuses on unemployment, we are seeing a record 9.3 million unfilled jobs. It is hurting Main Street businesses. They are struggling, and frankly, it will hurt families who are not going to be able to reconnect again when all those checks runout.
Our job creators shouldn’t have to compete with the federal government.
Instead of helping America get back to work, the Biden administration is pushing crippling tax hikes that will cost us millions of new jobs.
I am proud to have led – on behalf of President Trump and Republicans in Congress – the Tax Cuts & Jobs Act that reduced taxes across the board, redesigned our tax code so American businesses could compete and win anywhere in the world, made America the most competitive economy on the planet, lifted millions of Americans out of poverty, and stopped U.S. businesses from moving overseas.
Now we face a big risk.
President Biden’s insistence on repealing the Tax Cuts & Jobs Act will cost 6 million U.S. jobs. For that family of four, middle class, making maybe $73,000 a year – it will rob their family budget by $20,000 over time.
The attack on American energy will cut jobs by 1.5 million, and repealing step-up in basis on family farms will cost us another 1 million jobs over 12 years.
Congressman Cawthron, your efforts to lead commonsense proposals, stop these crippling tax increases, and get the economy back on task is exactly what our country needs today.
Thank you for letting me join you.