POTUS Delivers Growth For Working Families – While House GOP Wants To Undo Historic Progress
FOR IMMEDIATE RELEASE: January 26, 2023
PRESS CONTACT: [email protected]
POTUS DELIVERS GROWTH FOR WORKING FAMILIES — WHILE HOUSE GOP WANTS TO UNDO HISTORIC PROGRESS
CNN: The US economy grew by 2.9% in the fourth quarter, more than expected
WASHINGTON, D.C. — Today’s GDP report shows continued record growth under President Biden’s leadership, further evidence that his agenda is working for middle class families. The economic growth we’ve seen during the first two years of the Biden administration have been the strongest since Clinton’s presidency. In addition to a record nearly 11 million jobs created, unemployment is down, small business applications are up, wages are up, and inflation is falling.
“President Biden’s economic agenda is delivering results for working families, who are seeing lower costs and higher wages – meaning more breathing room in their budgets,” said Building Back Together Executive Director Danielle Melfi. “The greatest threat to this historic progress? The extreme MAGA agenda, which would not only roll back the cost-cutting policies President Biden has delivered, but would raise taxes, cut Social Security and Medicare, and threaten the full faith and credit of our country. President Biden has made it clear: he will continue to build an economy that works for working families – from the bottom up and the middle out – and will veto House GOP attempts to undo this historic progress.”
President Biden’s agenda is lowering costs and creating opportunity for working and middle class families:
- A record nearly 11 million jobs created — the strongest two years of job growth in history — including 750,000 new manufacturing jobs.
- Record-breaking health care sign ups during open enrollment, where a majority of consumers could find health care plans for $10 or less per month.
- The lowest unemployment rate in 50 years, including near-record low unemployment for Black Americans and Latinos.
- The best two years for small business applications on record – 10.5 million total.
- Gas prices are down about $1.60 from their peak.
- Household net worth is up 23% above pre-pandemic levels, and wage growth is outpacing inflation, giving families more breathing room in their budgets.
The House GOP’s extreme and divisive agenda represents the biggest threat to this historic economic progress:
- Rather than giving working class families more breathing room, they want to hike taxes on the middle class with a 30% sales tax on everyday items from groceries to gas, while cutting taxes for the wealthiest Americans.
- While President Biden has fought to lower gas prices, they want to raise gas prices and deprive Americans of relief at the pump – all to benefit Big Oil, who is already making record profits.
- And, despite the fact that millions of workers have paid into Social Security and Medicare since the beginning of their careers, MAGA Republicans want to put these essential programs on the chopping block.