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.
First of all, federal employees have contributed $75 billion over the last two years towards helping us reduce the deficit – $75 billion. No other working American has been asked to do that. You treat federal employees in this House as second-class working people. That's wrong. This is a 5% tax increase on federal employees. Nobody else. Nobody else do we ask. The richest people in America, we don't ask them to help solve this deficit problem. But federal employees, yes, a $75 billion contribution, and you don't blink an eye because it's easy – because we demagogue about government and, by association, we demagogue about ‘bureaucrats’ used as an epithet.
Mr. Speaker, today we are ending the uncertainty for American manufacturers waiting for Congress to act by coming together to re-authorize the U.S. Export-Import Bank. I want to thank the Republican leader, Mr. Cantor, and his staff – I mentioned Neil Bradley before – for working with Democrats to find common ground and reach an agreement that is supported by both business and labor, Democrats and Republicans. I also want to commend Ranking Member Barney Frank of the Financial Services Committee and Carolyn McCarthy who's done such an extraordinary effort on this effort as well. She’s the Ranking Member – Mr. Miller chairs it – of the International Monetary Policy Subcommittee. Their hard work has been important to make sure this agreement will help American businesses save and create jobs.
The Ex-Im Bank helps American companies sell their goods all over the world, and these exports support U.S. jobs. The Ex-Im Bank provides financing that levels the playing field for U.S. exporters who are facing competition from foreign companies whose governments are aggressively supporting their exports. To meet expected financing demands, the bill being considered today increases the Bank’s exposure limit to $120 billion through September 30, and increases the limit to $130 billion in Fiscal Year 2013 and $140 billion in Fiscal Year 2014.
It is a rare day when we here in the Democratic Whip Press shop implore Republicans to heed the advice of conservative Senator James Inhofe. But as the impasse over the highway bill drags on, stranger things have happened. To recap how we got here: The Senate passed a bipartisan bill with an overwhelming 74 votes, while House Republicans floundered for months, unable to pass anything beyond a short term extension that needed significant Democratic support to pass.
Perhaps the only silver lining to the Great Recession is that it triggered a new focus on manufacturing in the United States. After 25 years of being sold a shiny vision of a service-dominated post-industrial economy, the U.S. is rediscovering how important it is to actually make things in order to spur innovation, raise wages, drive exports and lower the trade deficit.
The recaps are in from yesterday’s mark-up of House Republicans’ reconciliation bill, and it certainly isn’t pretty. We’ve picked a few of our favorites that demonstrate the awfulness of the Republican bill. Enjoy:
From the Democratic Whip Press Shop:
In their headlong charge to protect tax cuts for the wealthy at all costs, Senate Republicans voted today to block consideration of a measure to keep student loan rates from doubling on July 1. This comes on the heels of House Republicans rejecting any attempts at a bipartisan compromise on the student loan issue. And guess what? The American people don’t like that too much.
I was disappointed that Senate Republicans today voted to block a bill that would keep student loan interest rates low for another year. If Congress fails to act by July 1, the interest rates on student loans for 7.4 million Americans will double. We cannot allow this to happen. I strongly urge Republicans to get serious about keeping student loan interest rates low, and I hope they will work with Democrats to address this issue before the July 1 deadline arrives that includes a pay-for acceptable to both sides.
Today, the President called on Congress to take concrete steps that will help American businesses create jobs that won’t be shipped overseas. It is very unfortunate that Republicans in control of the House have chosen to shirk their responsibilities by refusing to consider a comprehensive plan for growing jobs. Moreover, after a year in the majority, they continue to block Democrats’ Make It In America jobs plan.
The agreement announced last week on a long-term reauthorization of the Export-Import Bank ends uncertainty for businesses and provides the Export-Import Bank resources needed to keep American manufacturers competitive in a global market. This agreement is an important part of Democrats’ Make It In America plan to create an encouraging environment for businesses to innovate and make products here in the U.S., and is supported by everyone from labor to business.