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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.
As American families continue to battle historic inflation at 8.2 percent, Nebraskans are feeling the pain every time they reach for their wallets. According to the Joint Economic Committee, households in Nebraska are spending an extra $759 each month, or more than $9,000 annually, because of inflation.
A recession is the worst time to raise taxes, yet here we are again – fighting against a tax-and-spend agenda. Last week, new government data show what American families have been feeling for months now: we are officially in a recession. The U.S. economy shrank by .9 percent in the second quarter of the year, the second consecutive quarter of negative growth. This alarming news should have put Democrats on notice, but unfortunately, we heard no real solutions from them to get our economy back on track.
Washington, D.C. – Today, Rep. Adrian Smith (R-NE) spoke at a House Ways and Means Committee hearing about policies to support American families. He also questioned witness Alfred Ortiz, President and CEO of Job Creators Network, about how Democrat-led policies have made it harder for job creators to hire employees.
Watch the full exchange here.
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.
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:
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.
Defeating COVID-19 includes reconnecting unemployed Americans. Before the pandemic, America's economy was thriving. Workers at the bottom of the income ladder were seeing the largest wage gains in recent history. Two principle achievements from the last 25 years - the 2017 Tax Cuts and Jobs Act and the 1996 Welfare Reform Act - ensured Americans benefitted from hard work.
Nebraska is a biofuels powerhouse - the second and third largest producer of ethanol and corn, respectively, in the country. With 25 active ethanol plants and a capacity of more than 2.5 billion gallons, the importance of biofuels to our state economy cannot be understated. Biodiesel production in Nebraska has seen exponential growth as well. Thanks to innovation and technological developments, biodiesel production has grown from 25 million gallons in 2004 to 2.9 billion gallons in 2019.