Neal Opening Statement at Hearing on the State of the American Economy: The Heartland

(As prepared for delivery)

President Biden and Congressional Democrats' economic agenda focuses on building the economy from the bottom-up and the middle-out, and legislation delivered by Ways and Means Democrats has already delivered for Oklahoma and most importantly, for its workers. The state GDP outpaced national growth in Q3 2022, and unemployment hovers at a historic low rate. I see the state motto of "work conquers all" isn't taken lightly. But a desire to work isn't all that is needed even in a strong economy. Workers must be able to work and fairly compensated. Oklahomans haven't seen an increase in the minimum wage in over a decade, and they are still waiting for trickle-down economics to trickle into their pockets. Further, supercharging our economy will only come when we make affordable child care and universal paid leave realities.

This is why federal direct investments in workers and their families have been so crucial in these communities. Democrats' expanded Child Tax Credit brought nearly 60,000 Oklahoman children out of poverty, cutting the child poverty rate in half. No policy has done more to reduce child poverty than this one. The American Rescue Plan permanently increased desperately-needed federal child care investment in Oklahoma and other states, a critical first step in expanding child care and enabling workers to re-enter the workforce.

We also put money back into the pockets of working families with the Inflation Reduction Act. We helped lower health care costs by allowing Medicare to negotiate high-cost drugs, capping out-of-pocket drug costs for 21,000 Oklahoman seniors, and reducing health insurance premiums for millions of Americans. All of these lifesaving policies will provide more certainty for America's families.

We're already seeing this law drive industry action – just this week, a major insulin manufacturer announced a universal cap on insulin costs.

And our work is also spurring growth for small businesses, and for workers and their families in communities across the state just like Yukon. This is one of the top states for clean energy development, thanks to Oklahoma's ample wind, solar, and hydro-energy potential, existing infrastructure, and talented labor force. When coupled with the Bipartisan Infrastructure Law and tax credits championed by Ways and Means Democrats in the Inflation Reduction Act, the clean energy economy in Oklahoma is accelerating.

An estimated 2,000 clean energy jobs have been created in Oklahoma since last August, and that's just the beginning. Companies across the Heartland are capitalizing on incentives to drive R&D and turbocharge manufacturing right here at home – from electric vehicles to wind power, economic growth will be felt by rural and industrial communities alike.

As you'll hear today, the contrast is clear: Republicans want to give yet another handout to the top 1%, and Democrats want to target benefits to workers and their families. We know that the state of our economy is strongest when government puts the interests of the middle-class over that of the wealthy and well-connected.

And we will continue to build on that work to expand affordable child care and paid leave, to ensure access to quality, affordable health care, and to protect Social Security and Medicare from those who are openly advocating to tear their critical benefits from Oklahomans. We too understand the importance of promoting economic opportunity for Oklahoma's family farmers and other businesses in the agricultural sector. I too believe we should pass the farm bill this year, I hope Republicans will hear you and take that message back to Washington.

Thank you again, Mr. Chairman and thank you to our witnesses for being here today and sharing their experiences with us.

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