Cape News

Ways and Means Committee Chairman Jason Smith has criticized the Biden-Harris Administration following the release of the September 2024 jobs report by the Bureau of Labor Statistics. According to Smith, "The Biden-Harris Administration has had the last 1,353 days to be the champion of small businesses and workers, and they have instead chosen to make life harder for families and Main Street." He attributes recent economic challenges such as job losses in small businesses and manufacturing sectors to policies enacted under this administration.

Smith highlighted that Vice President Harris cast a deciding vote for significant spending measures which he claims led to high prices, interest rates, and labor shortages. "Billion-dollar companies, big banks, the wealthy, and China received hundreds of billions of tax subsidies under the Biden-Harris economic agenda while small businesses and workers got the short end of the stick," he stated.

Further concerns were raised about potential tax increases. Smith remarked on Harris's support for repealing 2017 tax cuts which reportedly benefited wages and employment. He warned that current plans could lead to higher taxes for all Americans amid rising prices. According to him, these measures would disproportionately affect small businesses with higher tax rates than those in China.

Republicans are actively opposing what they consider a harmful policy direction. The Ways and Means Tax Teams have conducted over 100 listening sessions across 19 states addressing public concern about a possible tax hike in 2025. Smith noted that citizens fear such increases could hinder hiring practices, wage growth, and investment opportunities.

In terms of specific figures from September: small businesses with fewer than 20 employees cut approximately 8,000 jobs; manufacturers reduced their workforce by another 7,000 positions; government employment reached new highs with an additional 31,000 bureaucrats hired last month alone.

Additional statistics provided context on broader economic issues faced since January 2021 when Biden took office: inflation surpassing Federal Reserve targets consistently for over three years; real wages declining by more than three percent; mortgage payments escalating dramatically alongside historic interest rate levels; credit card debt exceeding $1 trillion repeatedly within five quarters.

Smith emphasized Republican commitment towards supporting working-class individuals whose financial stability he believes has been undermined during this administration’s tenure: "Republicans stand on the side of working class whose paychecks security have been wrecked by failed Biden-Harris agenda."