BLOG: We won't say we told you so, but we definitely told you so....
From the Ways and Means Press Shop:
Today’s GDP numbers continue the good news for workers, businesses, and families. Our economy, driven by Democrats’ investments in America’s workers and families, continues to defy expectations and grow at unprecedented rates.
Far be it from us to say we told you so, but Bidenomics is working.
These historic results are certainly no accident. Democrats set out to build an economy from the middle-out and the bottom-up, growing our economy by growing the middle class. By investing in America, we’ve created jobs, supported wage growth, and built on our world-leading economic recovery. Hard-working Americans are seeing the results, despite Republicans’ best efforts to undermine our economy’s resilience through manufactured crisis after crisis. Time and time again, Republicans denied and deflected our unquestionable economic growth, wish-casting their hopes and political dreams for a recession.
Over here in the Ways and Means press shop, we knew better than to bet against the American worker.
Let’s take a little walk down memory lane, shall we?
November 2022
House Majority Leader Steve Scalise and House Majority Chief Deputy Whip Guy Reschenthaler: “After two years of one-party rule in Washington, the Democrats’ main achievements are historically high inflation and a looming economic recession.” [11/1/22]
Rep. Neal that same month: “This month's jobs report shows the continued strength of our labor market. Jobs have been added every single month of the Biden presidency, and this stable, growing jobs picture is essential in our fight against inflation. There's much to celebrate—from workers finding better-paying opportunities to more manufacturing jobs spurred by the Infrastructure Law and the CHIPS and Science Act—and this success wouldn't be possible without the leadership of President Biden and Congressional Democrats. The contrast is stark: Republicans continue to root for a recession and widespread job loss, while Democrats are committed to rewriting the old playbook and building an economy that works for everyone.” [11/4/22]
August 2022
Senate Minority Leader Mitch McConnell: “Senate Republican Leader Mitch McConnell said the US [economy] is “likely to lead next to a recession.” [8/29/22]
Reuters that same month: “U.S. job growth unexpectedly accelerated in July, lifting the level of employment above its pre-pandemic level and pouring cold water on fears the economy was in recession. The Labor Department's closely watched employment report on Friday also showed employers continuing to raise wages at a strong clip and generally maintaining longer hours for workers.” [8/1/22]
July 2022
House Majority Whip Tom Emmer: “No more double-speak: the United States is now in the grips of a recession.” [7/28/22]
Rep. Kevin McCarthy: “This morning the government announced what every American has been feeling for nearly a year – we are in a recession.” [7/28/22]
Rep. Neal on the same month’s jobs report: “The jobs recovery from COVID is now complete. With another incredible month of broad-based job gains, all of the jobs lost under President Trump are back. The unemployment rate has fallen to its 50-year low, and wages are rising.” [8/5/22]
The New York Times that same month: “It is difficult to see how we suffered a recession during the first half of this year when the economy created so many jobs, unfilled positions were at a record high and layoffs near record lows,’ Mark Zandi said.” [7/29/22]
April 2022
Rep. Troy Nehls: “Fox News Digital spoke with Nehls Friday by phone, and the congressman said he believes the U.S. is headed toward a recession. ‘I believe it is,’ Nehls said. ‘Now exactly when that's going to occur, I’ve got to leave that for the smart guy…Whether there's a recession, when it's going to hit us, I'm sure it's coming. I just can't tell you when.’” [4/29/22]
Rep. Neal that same month: “With investments from the Bipartisan Infrastructure Law already leading to increases in construction jobs and the [CHIPS and Science Act] on the horizon, President Biden and Congressional Democrats are leading the way to a historically strong, inclusive economy. Today's report shows exactly why you don't bet against Americans.” [4/1/22]
July 2021
House Republican Conference Chair Elise Stefanik: “We need to focus on job creation, not policies that create higher taxes, leading to job losses.” [7/6/21]
US News and World Report that same month: “Employers added 850,000 jobs in June, well above expectations, the Bureau of Labor Statistics reported Friday. The positive news comes as the job market continues to recover from its pandemic depths…There are indications [inflation] may be ebbing and the bond market seems to believe the Fed's statements that it is "transitory."” [7/2/21]
As Republicans readied themselves for their historically unproductive Majority in January, Paul Krugman laid it out clearly in the New York Times: “one thing is for sure, however: There wasn’t a recession in 2022. Indeed, the U.S. economy ended the year with continuing strong job growth and the unemployment rate all the way back down to what it was before Covid. Have [Republicans] noticed that inflation has been coming down? Have any prominent Republicans even acknowledged the changing situation?”
Long story short, no. They didn’t then, and they still wouldn’t acknowledge it against the backdrop of their manufactured debt crisis. They denied and deflected from our economic success even as they took credit for the jobs created in their districts. They didn’t over the summer, when Democrats celebrated a historic 13 million (and counting!) jobs created since President Biden took office. They didn’t in August, even as the Wall Street Journal wrote that the Biden Administration was ‘sticking the soft landing’ in bringing down inflation while sustaining our economic growth. They won’t today, even as headlines describe our economic growth as “blockbuster”, “sizzling”, and “stunning”.
After three weeks of infighting and stalling the House’s work, it’s time for Republicans to put the economic charades aside and get to work for the American people. That’s what Democrats have been doing all this time, and it’s how we’ll keep creating jobs and building opportunity for America’s workers and families.