Cape News

Ways and Means Committee Chairman Jason Smith has commented on the latest jobs report from the Bureau of Labor Statistics, which marks the final one under the Biden-Harris Administration. According to Smith, the current labor market is overly dependent on government hiring.

Smith stated, "The Biden-Harris labor market failed to deliver for American workers. The average paycheck today is worth 3 percent less than the first day of the Biden presidency." He attributed this decline to policies that he believes have hindered economic recovery post-pandemic. Smith criticized President Biden for incentivizing people to stay home rather than work, increasing taxes, and imposing potential regulations. He also noted a loss of over 87,000 manufacturing jobs in the past year despite claims of a "manufacturing boom."

Looking forward, Smith expressed confidence in former President Trump's tax plan as a remedy for what he sees as economic damage caused by current policies. "President Trump and Republicans have a mandate to quickly undo the damage done by the Biden-Harris Administration and restore our nation’s greatness and prosperity," said Smith. He emphasized swift action on tax relief for families and small businesses affected by inflation and high interest rates.

Smith further highlighted various economic challenges faced during the Biden-Harris tenure: a 20.6 percent increase in prices since their administration began, real wages falling by 3 percent, inflation consistently above Federal Reserve targets for 45 months, historic interest rates not seen in 23 years, an 81 percent rise in mortgage costs compared to January 2021 levels, credit card debt surpassing $1 trillion with rising delinquency rates, depleted pandemic savings by families leading to lower personal savings rates at present.

These points underscore his argument that American families are struggling financially under current conditions.