Cape News

Ways and Means Committee Chairman Jason Smith issued a statement following the release of the November 2024 jobs report by the Bureau of Labor Statistics. The report indicates that 227,000 jobs were added to the economy.

Smith stated, "After four years of economic uncertainty fueled by destructive policies, Americans are already more hopeful with President Trump returning to the White House. Consumers and small businesses are showing more confidence now that America will again have a President who fights for the interests of working families."

He emphasized that "The American people gave President Trump a mandate to provide relief from the suffering they’ve endured under the Biden-Harris economic nightmare." Smith highlighted Trump's tax and trade agenda as effective measures for job creation, noting that "Building on the success of the Trump tax cuts ahead of the 2025 tax cliff is absolutely necessary to return to the proven economic playbook that will make America prosperous again."

Smith recalled past achievements: "After the 2017 Trump tax cuts, 5 million new jobs were created and unemployment fell to the lowest level in 50 years." He also mentioned efforts by Ways and Means Tax Teams, which have conducted over 120 listening sessions across 20 states.

According to Smith, there is rising confidence among small businesses and workers. The CNBC|SurveyMonkey Small Business Confidence Index Q4 2024 reports an increase in small business confidence to its highest level since 2018. Similarly, U.S. consumer confidence has surged due to optimism in labor market conditions.

The statement also provided background on economic challenges faced during the Biden-Harris Administration, including increased prices, falling real wages and benefits, persistent inflation above Federal Reserve targets, high interest rates affecting mortgages and credit card debt levels exceeding $1 trillion.