Our Economy is Booming

Floor Speech

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Ms. GARCIA of Texas. Mr. Speaker, I rise today to celebrate the record-breaking number of jobs created under President Biden's watch, his plan to lower costs for hard-working American families, and our plan to continue building a better America.

Since President Biden took office, the economy has added 8.7 million new jobs--8.7 million new jobs. That is staggering. Fun fact, Mr. Speaker, this is the most jobs added in any President's first 16 months. I repeat: The most jobs added in any President's first 16 months. This is historic.

The fact that the economy is booming is no accident. You see, President Biden laid the foundation for an amazing recovery through his American Rescue Plan and vaccination program. This plan got people back to work, kids back in schools, and helped the American economy bounce back.

Together, with President Biden, House Democrats are not only bringing back jobs, but we are growing paychecks for households across the country. Because of this, unemployment is near historic lows, and even better, the number of Americans relying on unemployment benefits has dropped by more than 90 percent. This is huge.

In short, our Nation has recovered 96 percent of the jobs lost during the pandemic and is on track to return to prepandemic employment levels before the end of the year.

Mr. Speaker, this is a direct result of President Biden's leadership, Congress' partnership, and the backing of the American people.

While many Americans are back at work, we have heard calls from hardworking families struggling with the cost of inflation. Sadly, Putin's war against Ukraine is now the biggest single driver of inflation, but we have a plan for this too.

I am proud to report that House Democrats and President Biden are acting to lower gas prices by fighting Putin's price hike. The United States is on track to produce a record amount of oil next year, and coming from Texas, that is music to our ears, and the President is working with the industry to accelerate this output.

Democrats are also laser focused on lowering everyday costs for families at the grocery store, and they are also improving the supply chain. We are fighting for everyday Americans by reducing the cost of everyday goods through the COMPETES Act.

This landmark legislation will lower costs and strengthen our supply chains by making more products right here in America: Made in USA. Again, this will create more jobs.

We also have great news on the Federal deficit. Biden is still on track to drop the budget deficit by $1.6 trillion this year alone.

Mr. Speaker, another fun fact, President Biden has cut the deficit more this year than any President in history. I repeat, more than any President in history. In contrast, Mr. Speaker, the Trump administration increased the Federal budget deficit every single year they were in office.

All things considered, President Biden and House Democrats are not only working together to continue building a better America for all Americans, but we are delivering on that promise, and we will continue to do just that--delivering on our promise.

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