Economy

Over the last month, I’ve had the opportunity to meet with constituents in many of the Third District’s 80 counties. It has been a busy time with many hours spent behind the windshield, and I'm encouraged by the Nebraskans doing so much to help our communities thrive. From farmers and ranchers to entrepreneurs and small businesses to educators and families preparing the next generation, Nebraskans are working hard to support their families, serve their neighbors, and make our state a better place.

Labor Day is an opportunity to acknowledge and show appreciation for the contributions of the American workforce. Unfortunately, American workers don’t have much to celebrate this Labor Day. According to data from the Bureau of Labor Statistics, 1.2 million workers have been unemployed for 27 weeks or more. Some 5.2 million workers across the United States are “not in the labor force who currently want a job.” Real wages have decreased 4 percent since President Biden took office, overall prices are up over 16 percent, and interest rates are soaring.

The back-to-school season has arrived, and families across the country are busy with all the anticipation, activities, and new learning opportunities that come with it. However, on a wide range of issues – from the cost of supplies to lagging student proficiencies – many Americans are facing unprecedented hardships resulting from the anti-growth, anti-parent policies of the Biden administration.

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. This is especially true as our nation’s debt crisis remains unresolved and we barrel toward reaching our debt ceiling.

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. This has a ripple effect across our economy, leaving hardworking families and small businesses in a difficult position.