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.
ICYMI, yesterday House Majority Leader Kevin McCarthy was interviewed by The Wall Street Journal about a number of issues, including reauthorization of the Export-Import Bank. Unfortunately, his discussion of the Bank was littered with inaccuracies, so we thought we’d be helpful and offer an annotated version (with important things called “facts”) here:
In case you missed colloquy today, Leader McCarthy confirmed three times that House GOP leaders have no plans to allow a vote to reauthorize the Export-Import Bank. From the Hill:
I thank the gentleman for repeating for a third time his answer to me. Mr. Speaker, I would simply observe sadly that the representation ‘the House can work its will’ on an issue of great importance to the United States and to jobs in the United States will not be brought to this Floor, notwithstanding the fact that 180 Democrats have signed a discharge petition and 60 Republicans filed a bill to extend the Export-Import Bank.
Today’s quote of the day is brought to you by Senator Lindsey Graham, who continues to remind his GOP colleagues why the Export-Import Bank is critical to America’s competiveness:
If you’re keeping a tally of business leaders calling on House Republicans to reauthorize the Export-Import Bank before its charter expires on June 30, you can add one more to your list: General Electric CEO Jeffrey Immelt. Take a look at what he had to say about the consequences to America’s economic competiveness if the Bank’s charter expires – are Republicans listening?
The Export-Import Bank recently released their annual report to Congress on global export credit competition, which underscores the important role the Bank plays in helping ensure American businesses are competing on a level playing field in the global marketplace.
As GOP leadership continues to refuse to put a bill on the Floor to reauthorize the Export-Import Bank before the June 30 deadline, we wanted to make sure you saw that Chairman Hensarling’s own witness at the Financial Services Committee hearing last week, Rachael Cox, doesn’t even agree with his position that the Ex-Im Bank should close. Here’s a look at her warning for Ex-Im opponents after they attempted to characterize her testimony inaccurately:
Republicans in Congress are joining Democrats and business owners across the country in urging their Republican leaders to schedule a vote to reauthorize the Export-Import Bank before its charter expires on June 30.
This morning’s jobs report tells the story of an economic recovery that continues to advance, with 262,000 private sector jobs created in May.
As you’ve heard, we have just three weeks or twelve legislative days until the Export-Import Bank shuts down – not entirely, as Congressman [Heck] indicated, but for all intents and purposes of new loans. We must not let that happen.