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Smith: Americans Spending Down Savings, Relying on Credit Cards, Thanks to Failing Bidenomics

October 26, 2023 — Blog    — Press Releases   

WASHINGTON – Americans are relying more on credit cards and dipping into their savings in order to spend according to the latest GDP report from the Bureau of Economic Analysis. Ways and Means Chairman Jason Smith (MO-08) issued the following statement:

“Putting aside the fact that the growth in this GDP report relies heavily on businesses rebuilding inventories, it also reveals families are on unstable financial footing after their real disposable personal income declined by 1 percent, pushing them to rely on credit card debt and their savings to drive consumer spending. Inflation has re-accelerated to 3.5 percent and remains far above the Federal Reserve’s target. Even if the Fed doesn’t raise interest rates further, but keeps them elevated as expected, the dream of home ownership will be pushed out of reach for the near term with mortgage rates now at the highest in over two decades.

“Only Democrats could think this is a win, when it’s clear that Bidenomics is failing American families.”