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Chairman Smith: Bidenomics is a Slogan Americans Are Not Buying & A Set of Policies They Cannot Afford

October 06, 2023

WASHINGTON – House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the release of the September 2023 jobs report:

“‘Bidenomics’ is not only a slogan the American people are not buying, it’s a set of policies that they cannot afford. Maxed-out credit cards are the only way millions of working Americans are surviving the skyrocketing prices of President Biden’s inflation crisis. When small businesses look at today’s economy, they worry whether they’ll be able to keep the doors open when operating costs keep going up and up. At the same time, the Federal Reserve will remain under pressure to continue its interest rate hikes that are locking families out of home loans and blocking small businesses from finding the resources they need to grow.

“Ways and Means Republicans have heard these concerns from working families and small businesses. While the Biden Administration keeps trotting out the same old sales pitch, we have an actual plan to put more money back in working families’ pockets and help small businesses expand and beat this bad economy.”

“Bidenomics” at Work:

  • Prices have increased 17.4 percent since President Biden took office – with inflation costing the average American family $10,000 already.
  • Real wages have decreased 4.0 percent since President Biden took office.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • Benchmark interest rates are at their highest level in 23 years – with the Federal Reserve raising rates 11 times since March 2022.
  • Mortgage rates are now the highest since 2001. The average monthly mortgage payment has increased by $1,270 and is 112 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades.

Survey: Small Businesses Expect Economy to Get Worse

According to the National Federation of Independent Business’ survey of American small businesses, Main Street expects a tougher economy ahead driven by rising prices.

  • Inflation remains a top problem facing small businesses.
  • 48 percent of small businesses expect business conditions to get worse over the next six months. Only 5 percent expect conditions to improve.
  • 40 percent have a job opening they cannot fill.