Chairman Smith: "Bidenomics" Is A Disaster for Working-Class Families

Press Release

"President Biden's so-called "Bidenomics' shows how out of touch he is with working Americans. Small businesses and workers are being harmed by weak economic growth and the Fed hiking interest rates to combat inflation created by Democrats' reckless spending. Even job growth is darkened by the fact that wages have not kept up with a 15.5 percent increase in prices since Joe Biden took the Oath of Office. For 26 straight months, wages have not kept up with inflation, shrinking the value of every paycheck bit by bit. Meanwhile, rising interest rates have made the American Dream of buying a house or expanding a small business a fantasy for many; economists are expecting a recession before the end of Biden's term -- if we aren't already in one; and America remains dependent on China for critical supply chains. The Ways and Means Committee is getting outside of Washington and listening to the concerns of working families and small businesses -- the folks who have been directly harmed by President Biden's economic agenda. Our legislation, the American Families and Jobs Act, would provide crucial relief to working families and small businesses hammered by more than two years of "Bidenomics.'"

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