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Chairman Smith: Americans Need Pro-Worker Policies, Not Another Year of “Bidenomics”

January 4, 2024 — Blog    — Press Releases    — Select Revenue Measures   

“As the calendar turns to 2024, working families see an Administration pushing the same failed policies of ‘Bidenomics’ that have caused such financial and economic struggle, frustration, and anxiety.”

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics released the December 2023 jobs report:

“President Biden’s legacy is too many folks struggling to feed, house, and take care of their families. Americans have been hammered by prices rising 17.4 percent since Joe Biden became President. As the calendar turns to 2024, working families see an Administration pushing the same failed policies of ‘Bidenomics’ that have caused such financial and economic struggle, frustration, and anxiety. Employers have indicated they plan to give out smaller pay raises and hire less, leaving workers with fewer ways to earn a living and provide for their families, let alone get ahead or realize the American dream. 

“Looking ahead in the new year, Republicans will continue to fight for pro-worker, pro-growth policies that keep taxes low on families and small businesses and provide relief from an inflation crisis caused by the Biden Administration’s out-of-control spending.”

Key Background:

  • Prices have increased 17.4 percent since President Biden took office.
  • Real wages and benefits have fallen 3.7 percent since President Biden took office.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • The Federal Reserve has raised rates 11 times to combat the spike in prices.
  • Mortgage rates reached a 23-year high of 7.8 percent in October 2023. The average monthly mortgage payment has increased by $1,089 and is 96 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades, while consumer credit debt has reached an all-time high of just over $1 trillion and the number of Americans struggling to pay credit card bills has increased sharply.