Economy

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. The administration’s debt cancellation scam is just one example of a pattern of irresponsible economic policies that have resulted in ongoing inflation, exacerbated workforce woes, and increased financial hardship hitting American households. In our Commitment to America agenda, House Republicans made a promise to deliver a government that is accountable to taxpayers.

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. With the national debt already in excess of $31 trillion, inflation hammering American families, and economic uncertainty threatening American small businesses, it’s clearer than ever we must put a stop to runaway spending in Washington.

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. In the week prior, we also witnessed an airborne intelligence gathering tool with confirmed ties to the Chinese Communist Party traveling across nearly the entire continental United States. With the same slowness to act which has characterized his administration, Biden permitted the spy balloon to remain in U.S.

One month into the 118^th Congress, we are forging ahead with our Commitment to America. In order to restore a strong American economy, we are working to exercise oversight over reckless federal spending and the failed White House policies that have hamstrung recovery from the COVID-19 pandemic, leading to the severe inflation and large-scale layoffs we’ve seen throughout the first 23 months of the Biden presidency.

Christmas is going to look different for many Americans because of ongoing supply chain challenges and soaring inflation. We have seen shortages of items such as appliances, jewelry, electronics, holiday food items such as turkey, and even Christmas lights and trees. Faced with a serious hike in input costs, more than 70 percent of wholesale Christmas tree growers have been forced to increase their prices by up to 15 percent over last year.

A month from now, we will welcome a new year and a new Congress with a new majority. For the 118^th Congress House Republicans have put forward our Commitment to America agenda. In the new Republican Majority, we will work to rein in reckless government spending, strengthen and make permanent the tax relief included in the Tax Cuts and Jobs Act (TCJA), maximize take-home pay for all Americans, and build an economy that’s strong.

In October, Creighton University’s nine-state Mid-American Economy Report showed the survey’s Business Confidence Index reached its lowest level since March 2020. This is a far cry from the promises of a thriving economy President Biden made as a candidate before taking office. Recent polling by the Economist and YouGov reveals 66 percent of Americans believe the country has become more politically divided since then, and 63 percent of Americans foresee the divisions getting worse in the next few years.