As voters head to the polls next Tuesday, they will be looking at what Congress has accomplished, and The economy will be of utmost importance to us. Republicans often claim that their party is better for the economy, but if we look at what the Democratic majority has done in just two short years — including the recent passage of the Inflation Cuts Act, the CHIPS Act and the Science — it’s clear that the Democratic Party is the only place our country and our economy is ready to succeed The long-term.
In fact, history has shown that democratic policies grow our economy at a higher average annual rate Tens of millions of good jobsand strengthening our economy in general. Just last week, the quarterly GDP report showed that US GDP grew 2.6% in the third quarter of 2022 under Democratic leadership. All of this is a direct result of the work Democrats in Congress and the White House have done.
I’ve seen this work myself. As a former business manager, entrepreneur, and in my current role as chair of the center-left New Democrats coalition, of nearly 100 members, I know how seriously the Democrats work to grow our economy so that every American can succeed in it.
In February, New Dems set up a working group on inflation and met with industry and economic experts such as Commerce Secretary Gina Raimondo, former Treasury Secretary and Economist Larry Summers, Deputy Treasury Secretary Wally Adeemo, and Intel Corporation CEO Pat Gelsinger, to find policies to cut costs on Americans.
As a result, we developed a comprehensive anti-inflation action plan that outlined the affordability agenda and actions that Congress and the Biden administration could take to reduce costs to families. We had one of the most productive conferences in recent memory and made significant progress on a New Democratic Action Plan by passing legislation to cut health and energy costs, secure supply chains, create jobs, combat climate change, and improve our nation’s infrastructure. Republicans have had every opportunity to join Democrats in our efforts to strengthen our economy and reduce costs to working families, but they voted almost unanimously against each of these policies.
On top of these legislative achievements, Democrats cut federal spending by $550 billion and cut the deficit by $1.4 trillion in 2022 — the largest single-year reduction in deficits in American history. Thanks to the law to reduce inflation, the deficit is expected to decrease by an even greater percentage. Republicans have promised this for years but have failed to deliver. Indeed, under the leadership of former President Donald Trump, Republicans passed a tax law that the CBO predicted would increase the deficit by $1.9 trillion and the deficit exploded under the last three Republican presidents. Republicans’ attacks on Democrats recede when you look at their economic record, which also includes two recessions under Republican presidents recently.
As Democrats move America forward, Republicans move our country And the The economy is backward. This is especially evident following the unveiling of the House of Representatives “Commit to America” agenda, which would strip women of their basic liberties, Social Security and Medicare, and threaten the sanctity of our elections. This is not an economic plan. The truth is, the Republicans have no plan. As they play the blame game and wage culture wars, we keep our heads in the game, improving our economy and protecting Americans’ hard-earned freedoms.
Conventional wisdom says Republicans have the upper hand in economics, but the new Democrats are quickly dispelling this myth.
Under President Biden’s leadership, Democrats have worked to grow our economy 3 times faster than when the Republicans took control of Congress and the White House. We’ve also created 9.5 million jobs–five times the jobs created under the last three Republican presidents combined–reducing unemployment to a historically low level of 3.5%, raising wages above historical standards, and achieving long-term goals like protecting our planet and tackling rising costs. The Democrats have achieved all this, even with a slim majority in Congress.
But our work never ends. When the Democrats win a majority on November 8th, we will continue our work to stimulate economic growth and improve opportunities for Americans. The New Democrats focus on legislation on paid family leave and childcare to enable more parents to return to the workplace, immigration reform to secure our borders and address labor shortages, expanding the child tax credit to prepare the next generation for success, and much more. This is what the pro-business, pro-business, economic growth party and economic plan looks like. The Democratic Party is the only American political party that has repeatedly brought economic growth and will continue to do so in the coming years.
In stark contrast, the Republican Party’s agenda contains no real political plans and will only create an unstable and uncertain economy for hard-working families. This is not what Americans want or need. Republicans no longer deserve the title of economically responsible party. The Democrats are doing it.
While Republicans look to the past, the new Democrats look to the future — and in about a week, Americans will be deciding between the two.