Cape News

House Ways and Means Committee Chairman Jason Smith has expressed concerns over the state of the economy as President Trump prepares to take office. Following the release of the final Consumer Price Index report from the Bureau of Labor Statistics under the Biden-Harris Administration, Smith highlighted a 21 percent rise in inflation during President Biden's term.

"When Americans reflect on the past four years, they will remember the lasting sticker shock from checking out at the grocery store or paying at the pump thanks to the Biden-Harris Administration’s reckless spending," Smith stated. He criticized what he termed "Democrats’ welfare for the wealthy and handouts to big banks, billion-dollar corporations, and Communist China."

Smith emphasized that "President Trump is inheriting an economy from President Biden where inflation still threatens families’ savings and prices are still sky high." He voiced confidence in Trump's policies, which he believes will aid working families. Smith noted that "January 20th can’t come soon enough" for these changes to take effect.

Reflecting on past economic strategies, Smith remarked, "The Trump tax cuts made American workers and businesses more productive, which helped keep prices low and stable for working-class families." He also mentioned that during Trump's previous term, "the economy grew a full percentage point faster than the Congressional Budget Office projected."

The report highlights several economic challenges faced by Americans under Biden's presidency. Prices have risen by 21 percent since his administration began. Real wages and benefits saw a decline of 3.2 percent. Inflation consistently exceeded the Federal Reserve’s target for nearly four years.

Additionally, mortgage costs surged by over 88 percent compared to when Biden took office. Credit card debt surpassed $1 trillion for six consecutive quarters, with interest rates reaching historic highs. Many families have depleted their pandemic savings and face difficulties saving income, with personal savings rates remaining low.

Smith concluded with a commitment: "Republicans in Congress will partner with President Trump to get his agenda signed into law, give certainty to working families and small businesses, and unleash America’s economic potential."