Jason Smith: The real state of the economy

(From Eighth District Congressman Jason Smith)

Over the last several months, Washington Democrats and the liberal media have gone into overdrive trying to mislead Americans into believing that the Biden-Harris administration’s economic agenda has been a success. 

It’s just one of many examples of how out of touch they are with real Americans – the farmers, workers, and small businesses who have struggled to get by month after month since President Joe Biden and Vice President Kamala Harris took office. As Americans know full well, the Biden and Harris economic agenda has been a complete disaster.

When Biden and Harris came into office, the economy was well on its way to recovery and inflation was at just 1.4%. But thanks to the Left’s $10 trillion spending spree in the two years they had control of Washington, inflation has risen by more than 20%, paychecks are worth less, and Americans are racking up credit card debt trying to keep up with the skyrocketing costs of groceries, gas, and other everyday goods.

The so-called American Rescue Plan – the bill that Kamala Harris passed the tiebreaking vote in the Senate to pass – sparked the inflation fire by pumping nearly $2 trillion into the economy. The legislation wasted taxpayer dollars on ridiculous things like $400 billion to pay people not to work, $400 million to improve parks and trails in Michigan, and $800 million to send stimulus checks to prisoners – including the Boston Marathon Bomber. What’s incredibly frustrating is that Biden, Harris, and congressional Democrats claimed that the bill was focused on COVID relief; in reality, less than 9% of that bill went to combating COVID.

Biden, Harris, and congressional Democrats continued their trillion-dollar spending spree with the so-called Inflation Reduction Act, which was packed full of welfare for the wealthy and green special interests – a bill that, once again, Kamala Harris cast the tiebreaking vote to pass. For example, it included $27 billion for an Environmental Protection Agency (EPA) slush fund, $3 billion for EPA Environmental and Climate Justice Block Grants, and over $64 billion to extend the expanded Obamacare subsidies – including to wealthy Americans making as much as $599,000. The bill was also packed full of special interest environmental tax breaks for the wealthy and politically connected, which will cost at least $650 billion – a 240% increase above the original estimate. And to make sure hardworking Americans pay up to cover the cost of all that welfare for the wealthy and radical environmentalists, Washington Democrats included $80 billion in the bill to supercharge the IRS.

So what did Americans get in return for the Left’s record-breaking spending spree? The highest prices in decades. Compared to three years ago, Americans are spending $13,200 more annually to buy basic goods because of the Biden-Harris cost-of-living crisis. On top of that, Americans are making less: real wages have fallen 3.4% since the beginning of the Biden-Harris administration. Thanks to higher prices and smaller paychecks, working-class families are turning to credit cards to make ends meet, racking up over $1 trillion in credit card debt. Making matters worse, credit card interest rates are at the highest levels in more than three decades. It’s important to note not a single Republican in the House or Senate voted in favor of these inflationary measures that drove up the cost of living for every American.

Washington Democrats are foolish to think they can trick Americans into believing the Biden-Harris economic agenda has been a great success. The reality is that farmers, workers, and small businesses can’t go a day without feeling the consequences of the failed Biden-Harris economic agenda. What Americans need right now are pro-growth policies and a return to fiscal responsibility. In Washington, I’ll continue fighting tooth and nail to get our economy and nation back on the right track.