Republicans’ Economic Agenda

Despite Republicans’ eagerness to talk about the economy and inflation, they’ve yet to introduce a plan to lower prices, tackle inflation, create jobs, or improve the lives of everyday Americans. However, Kevin McCarthy and House Republicans have shared what they will do to the economy if they win the majority – and it would be disastrous for everyday families.

New York Times: “But while Republicans insist they will be better stewards of the economy, few economists on either end of the ideological spectrum expect the party’s proposals to meaningfully reduce inflation in the short term. Instead, many say some of what Republicans are proposing — including tax cuts for high earners and businesses — could actually make price pressures worse by pumping more money into the economy.”

Here is a list of the GOP’s economic plans:

• Gut Social Security and Medicare. House Republicans said they’re willing to tank the U.S. economy as a means to cut Social Security and Medicare. Millions of seniors depend on Social Security and Medicare.

  • If Republicans use this strategy – which many have gotten behind – our economy could spiral, inflation could skyrocket, millions of jobs could be lost, and it would threaten the full faith and credit of the United States.

• Make their 2017 tax plan permanent. House Republicans reportedly want to grant tax cuts to the super wealthy at the expense of everyday families, which will add to the deficit that Democrats just cut.

  • Republicans’ 2017 tax bill granted the super wealthy and corporations permanent tax breaks designed to be paid for by ultimately increasing taxes on low and middle income families, while increasing the federal deficit by $2 trillion.

  • This congressional session, Democrats have passed historic legislation, without raising taxes on people making less than $400,000 per year, all while lowering the deficit $1.5 trillion.

• Raise the price of prescription drugs. House Republicans’ “Commitment to America” calls for the repeal of the Inflation Reduction Act’s provision that lowers healthcare prices.

• Allow the wealthy to dodge taxes, cause tax return delays for the middle-class. Republicans have said the very first thing that will do is repeal funding for the IRS. Republicans are trying to use the IRS as a scare tactic, despite being fact checked on their claims time and time again.

  • The boosted IRS funding will NOT go after low and middle-class families but it WILL update processes so everyday families receive their tax returns on time and help ensure that the ultra-wealthy pay their fair share and don’t dodge paying taxes.

• Raise the price of gas and let Russian aggression continue. Kevin McCarthy suggested it’s likely that a GOP-controlled House would side with Russian dictator Vladimir Putin and not grant support to Ukraine as they fight to defend freedom. This would not only threaten global freedom but prolonged Russian aggression would likely increase prices and harm economies worldwide.

  • Even if the US is not dependent on any Russian energy, continued aggression in Europe causes widespread global economic hardship.

While Democrats passed the American Rescue Plan, Bipartisan Infrastructure Law, PACT Act, CHIPS and Science Act, Bipartisan Safer Communities Act, and Inflation Reduction Act, Republicans played politics and tried to prolong challenges for their own political benefit. Democrats know our work to improve the lives of everyday people is unfinished. If elected, a Democratic majority will build on historic progress and continue fighting to lower the cost of living for working families.

DCCC spokesperson Tommy Garcia:
“Democrats are the only ones with a plan and record of fighting to lower costs and improve the economy. Despite their political blame-game rhetoric, Republicans are now telling voters they plan to raise prices on the middle-class, give breaks to the super wealthy, gut Social Security and Medicare, increase the deficit, and raise the prices of prescription drugs that Democrats just lowered.”

###