Economy
According to a new Bloomberg Economics analysis, the average American family will spend an additional $5,200 this year because of our record-high inflation rate. Polling data show that a majority of Americans are seriously concerned about inflation, a sign Americans already burdened with higher costs at the grocery store and gas pump are bracing for additional financial pressures.
National Agriculture Week provides a great opportunity to recognize the strength and resiliency of Nebraska's agriculture producers. The Third District is the nation's leading congressional district in both total number of farms and market value of products sold. Nebraskans' dedication and ingenuity are second to none; however, all Americans are currently facing historic inflation. Rising costs, especially when it comes to fertilizer and fuel, are hitting the agriculture community particularly hard.
This week President Biden delivered his first State of the Union address to a joint session of Congress. While I went into the evening open to hearing President Biden propose real solutions to urgent challenges like soaring energy and food prices, waves of illegal crossings at our southern border, and workforce shortages, I was disappointed by how readily he rehashed many of the failed policies of his first year in office which have put us in this position. Inflation is at a 40-year high, we have a serious supply chain crisis, and Russia has invaded Ukraine.
Washington, D.C. – Today, Congressman Adrian Smith (R-NE) released the following statement after President Biden's State of the Union address:
According to the National Association of Manufacturers, the average U.S. firm spends the equivalent of 21 percent of its payroll every year just to comply with government regulations. For context, the average manufacturing worker in the United States makes nearly $65,000 per year according to the U.S. Census Bureau and pays an estimated 15.2% of their income back out in federal, state, and local taxes. If Congress attempted to double taxes on working families, it would be front page news.
Washington, D.C. – Today, Congressman Adrian Smith (R-NE), Ranking Member of the House Ways and Means Subcommittee on Trade, released the following statement on House Democrats' partisan China Bill:
With 1.4 billion consumers, China is a place with abundant potential. China also is ruled by the Chinese Communist Party, a longtime belligerent which enslaves its own people, steals intellectual and tangible property, and flouts fundamental values like national sovereignty, free enterprise, democracy, and the rule of law around the world.
I always look forward to reconnecting at Christmas with family and friends in one of America's most beautiful places – the Nebraska panhandle. Although 2021 has ended, many of the same challenges Democrats failed to address last year as they pursued their extreme economic and social agendas await when the House reconvenes next week.
The greatness of the United States stems not just from the political and religious freedom protected by our Constitution, but also the economic freedom it protects, ensuring individuals have the greatest possible opportunity to benefit from their hard work, ingenuity, and perseverance. Our state was built by homesteaders who were given the opportunity to build farms, businesses, and communities, earning the land they worked on through sweat equity. The hardworking people of Nebraska, and the communities where they work together, are what makes our state so great.