Brady Talks GDP Report on Fox Business

April 29, 2020 — Blog    — Coronavirus Bulletin    — In Case You Missed It...    — Press Releases   

House Ways and Means Republican Leader Kevin Brady (R-TX) joined Fox Business to talk about Wednesday morning’s first quarter report on economic growth showing a contraction of the U.S. economy.

 On today’s report:

“These numbers today are a bit heartbreaking from the standpoint of the virus that turned the strongest, most competitive economy in the world in January and February on its head. But it also tells us how important it is for us to reopen safely, as health conditions permit.”

“From that standpoint, I think Congress ought to be looking at what more do we need to do, as we keep maximum pressure on the virus, to reopen in a way that’s safe and healthy for their workers and for their customers, as well as how can we create an environment where businesses can invest again and with confidence.”

On how to get people back to work:

“I do think we need to address this issue of the unemployment insurance being more generous than the salary you get at work. I know why the Senate and White House agreed to this. Democrats were insisting on a 100% wage replacement, which is just a recipe for an extended recession. I think they battled it back to where it is today, but I think it’s a huge disincentive in some regions, in some industries, to work.”

On helping states:

“If we repeal the SALT, more than half of that would go to homes and households making a million dollars. I’m not sure that’s the middle-class relief that’s needed.”

“Congress has sent over $700 billion to state and local governments either directly or through unemployment, through mass transit, their schools and colleges, their hospitals – we’ve even dramatically increased their Medicaid, so it’s not like there’s a lack of dollars from Washington coming down to states.”

“Of the dollars Congress has sent to the governors to be sent to those smaller communities, some governors are hoarding those dollars and not helping local cities and local communities with the costs of coronavirus. I don’t think Congress should have any discussion about additional dollars until we see if states are handling these dollars correctly. In my view, many of them are not.”

CLICK HERE to watch the full interview.

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