The Congressional Budget Office’s report released this week shows what Ways and Means Republican Leader Rep. Kevin Brady (R-TX) referred to as a “Grand Slam of Misery,” for workers, families, and the economy – confirming that President Biden’s policies have led to rising inflation, rising borrowing costs, a worker shortage, and a shrinking economy.
CBO Forecasts Higher Inflation, Higher Unemployment, and Lower Growth than the White House’s Forecast.
- Within this year, CBO forecasts inflation to be nearly 2 percentage points higher than the White House.
- Over the next 10 years, CBO forecasts GDP to be a half percentage point lower than the White House estimates.
- Unemployment rates reach as high as 4.6 percent under the CBO forecast while the White House believes that unemployment rises no higher than 3.8 percent.
American Families Are Suffering and Biden’s Tax Hikes Would Make it Worse.
- At least 65 percent of families say their income is falling behind the cost of living, up from 62 percent in March.
- President Biden claims the solution is more tax hikes, but these would slash low- and middle-income earners’ incomes and destroy at least 138,000 U.S. jobs, according to a new study by the nonpartisan Tax Foundation. Even the White House press secretary struggled to defend this point.
Americans Have Lost Confidence in the President’s Competency To Heal This Shrinking Economy.
- At least 85 percent of Americans believe the U.S. will be in recession in the next year, as rising costs rob more of workers’ paychecks.
- Even Mark Zandi, the White House’s preferred economic forecaster, says the Build Back Better bill will worsen inflation: “None of these ideas so far will help to a meaningful degree, and could do some harm because they could juice up demand at a time supply is constrained by the pandemic and worsen inflation.”
Democrats Have Refused to Work with the GOP to Fight Inflation.
- With a majority of small businesses fear inflation will close down their business, Democrats should work with Republicans to make TCJA permanent.
- As U.S. gas prices reach an all-time high with no end in sight, Democrats should work with Republicans to unleash Made-in-America energy.
- And with a shrinking economy, shrinking paychecks, and a shrinking labor force, Democrats should work with Republicans to lift President Biden’s trade moratorium and “sell American” all over the world.