Jobs & the Economy
Throughout the 117th Congress, House Democrats have partnered with President Biden to enact policies that expand economic opportunity for businesses, workers, and communities across America. Under President Biden and Congressional Democrats, the unemployment rate is at its lowest in more than 50 years with more than 10 million jobs created, helping more of our people get ahead in today’s economy and Make It In America.
Democrats pursue an economic agenda that helps American businesses create good-paying jobs and ensure that workers have the tools not only to get by but to get ahead in our global economy. From raising the minimum wage to providing skills training and apprenticeship opportunities to ensuring equal pay for equal work, from making childcare more affordable to making it easier to save for retirement, Democrats’ economic policies are aimed at helping workers and their families attain real economic security at every stage of life.
Democrats have also delivered historic legislation investing in infrastructure and greater access to high-speed internet, taking the lead in the clean-energy economy, and supporting innovation and entrepreneurship. The generational Bipartisan Infrastructure Law has already begun to expand economic opportunity for Americans in communities across the country and takes action to repair our nation’s roads, bridges, ports, and other infrastructure while creating nearly 1.5 million jobs annually over the next decade. It contains the first major American investment in climate resilience to help communities upgrade their critical infrastructure and mitigate the impact of climate change-driven extreme weather. Likewise, the Inflation Reduction Act also advances America’s clean energy goals, turbocharging clean energy research and transmission while promoting electric vehicle domestic manufacturing to reduce American dependence on gasoline while revitalizing our auto industry.
The CHIPS and Science Act includes bipartisan measures to revitalize the domestic semiconductor industry and spur research. By strengthening domestic supply chains, this law acts directly to accelerate American innovation in the long-term while acting immediately to address inflation and create good paying jobs. House Democrats will continue to champion skills training and education at every level – from early childhood learning through higher education – to prepare our people for success and advancement in a changing economy. In all of these efforts, Democrats will continue to look for ways to make access to opportunities more equitable and to combat the lingering effects of legalized discrimination that continue to make it harder for minorities to access credit for loans, seek investment capital for startups, and build wealth to pass on to the next generation.
With historic job creation under President Biden, House Democrats will continue to advance policies that expand economic opportunity for working families, support small businesses, and create better-paying jobs.
Seventeen months after veering into bankruptcy, General Motors has become the unlikely darling of Wall Street, poised to complete an initial public offering Thursday that will fetch more than $20 billion and rank as one of the largest in history.
Billionaire Warren Buffett said that rich people should pay more in taxes and that Bush-era tax cuts for top earners should be allowed to expire at the end of December.
The U.S. economy is starting to fire on more cylinders, though the upturn remains too weak to bring down high unemployment.
House Majority Leader Steny H. Hoyer (MD) discussed tax cuts on MSNBC's Hardball with Chris Matthews this afternoon. See below for excerpts of the interview and a link to the video.
House Majority Leader Steny H. Hoyer (MD) discussed tax cuts on MSNBC's Morning Joe this morning. See below for excerpts of the interview and a link to the video.
I’m pleased to hear the Obama Administration’s announcement that it has reached a deal on the U.S.-Korea Free Trade Agreement. This is an important step forward to expand the reach of American exports, which will help create more American jobs. It also helps strengthen our ties to a dependable democratic ally that fosters prosperity and stability in Asia and enhances our economic and national security. The FTA also includes important changes to ensure that workers’ rights and the environment are protected.
Today we learned that America’s economy added 39,000 jobs last month. Just as importantly, our private sector expanded again, adding jobs for the 11th straight month. Nevertheless, with millions still out of work and an unemployment rate still near 10%, these numbers are discouraging and show that we have a long way to go before our economy has returned to health. Congress has much more work to do to foster job growth, a responsibility that is clearly shared by both parties. For Americans in every district we represent, the stakes are too high to fail to cooperate on consensus, job-creating solutions, such as the Make It In America agenda, a plan to rebuild manufacturing jobs.
I am very pleased the House has passed this bill, which is needed to prevent a tax increase on middle class families. If we fail to resolve this issue, starting on New Year’s Day families across America will see their taxes go up. That won’t just mean less money in Americans’ paychecks—it will reduce spending, which will harm job-creation and our entire economic recovery. This bill prevents a tax increase on our middle class and will help create jobs.
MESSAGE FROM THE MAJORITY LEADER
This week, the House returned to session after an election where Americans made it clear they want both parties to find common ground on the challenges facing our nation. House Democrats are back to work, and we are focused on creating jobs, growing the economy, and restoring fiscal responsibility.
The House will vote on an extension of middle class tax cuts before they expire. Democrats are firmly committed to continuing tax cuts for middle class families on income up to $250,000. We cannot afford to add $700 billion to the deficit to benefit the wealthiest Americans with almost no economic benefit as Republicans want to do.