Economy

2023’s first quarter economic report showed a decline in the U.S. GDP growth rate to 1.1 percent, making clear the lasting impact severe inflation has had on our economy. The damage done by reckless and wasteful spending emphasizes the importance of fiscal responsibility and pro-growth policies.

Americans everywhere are still struggling under record inflation. The March Consumer Price Index, a key inflation indicator, showed a five percent inflation rate, with overall food prices up 8.5 percent over March of last year. Since 2021, Americans’ wages have declined 3.7 percent, which partially explains why workforce participation rates are so low at 62.6 percent.

Over the past two years, consumers everywhere have felt the consequences of stifled energy production and dependence on foreign energy sources. From day one of the Biden administration, the president’s misguided energy policies have caused skyrocketing energy prices. As fuel prices shot up more than 60 percent, families struggled to pay for essentials like gas and groceries.

The recent failures of Signature Bank and Silicon Valley Bank (SVB) have increased the concerns of many over the threat of a deepening international economic crisis.

This week the Supreme Court heard arguments on Biden v. Nebraska and U.S. Department of Education v. Brown, two challenges to the Biden administration’s student debt cancellation proposal.

A recent report from the Congressional Budget Office (CBO) projected our nation will add nearly $19 trillion to the national debt over the next 10 years. CBO projects the debt will equal 118 percent of gross domestic product 2033.

This week, as the nation listened and watched, President Biden gave the second State of the Union address of his presidency. Over the last year the American people have struggled under historic inflation, rising crime rates, and severe economic uncertainty.