Economy
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More on Economy
Earlier this month, the United States’ credit rating was downgraded by one of the three major credit rating agencies. This troubling announcement is an indication of the serious challenges Americans continue to face as our country’s economy is in crisis, in part because of the misguided policies put forward by the Biden administration.
We have a debt ceiling for a reason. It is one of the federal government’s best pathways to address our nation’s very serious debt and deficit crisis. Our fiscal predicament demands we enact appropriate reforms to strengthen and grow our economy, cut wasteful spending, and reject massive tax increases.
As many Americans plan Memorial Day weekend gatherings with friends and family, marking the kickoff of the summer travel season, House Republicans have been hard at work this week delivering on our Commitment to America for an economy that’s strong.
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.