The economy shrunk in the first quarter of this year, and experts predict thanks to President Biden’s inflationary policies it will shrink again in the second half. In an interview with Sirius XM Radio’s Julie Mason on “Julie Mason Mornings,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) discussed how the question American workers and small businesses face is not whether there will be a recession, but how harsh it will be.
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Biden-Flation has wiped out the savings of 26 million low-income families.
“America is about three percentage points higher on inflation than Europe and most of the world. We got a big head start in March 2021 with the $2 trillion American Rescue Plan, and we’re still trying to work that off. The biggest challenge we’ve got now is that almost nine out of ten Americans either feel they’re in a recession or one is coming quickly. Consumer spending in the last two months is really starting to take a hit, and 26 million Americans have run through their savings already because of the higher prices they’re having to pay.”
The President’s $2 trillion so-called COVID stimulus drove inflation by fueling a working shortage.
“We don’t have the workers to man the production lines, assemble products, deliver them, service them, or find the parts for them. As long as we don’t have those workers, and inflation on businesses continues to be double digits – which all flows back to consumers – you’re going to see inflation stay high for a long time.”
Democrats have refused to work with the GOP to fight inflation.
“The Biden Administration is pretty proud of 11 million job openings, but what that translates into for local businesses is ‘I can’t find workers’ and ‘I’m struggling,’ so I’ve never thought that was really something to brag about. It’s a worker crisis. And we’ve had one now for almost 14 months. This is an area I wish the White House would work with Republicans to create a real initiative to get people reconnected to their job.”
President Biden dismissed the growing risk of recession and doubled down on his crippling tax hikes and runaway spending, which will worsen inflation.
“In the first quarter of the year the economy shrunk and predictions for the second half of the year are deteriorating. The question now is not will we have a recession, but how harsh will it be? How long will it be?”