NEW JOBS DATA REVISIONS SHOW HIGH INTEREST RATES MUST COME DOWN TO LET WORKING FAMILIES TAX CUTS SUCCEED

The following information was released by the Committee on Ways and Means:

Nearly a million fewer jobs were created during the end of the Biden Administration, according to a recent report by the Bureau of Labor Statistics (BLS). The annual benchmark revision to nonfarm payroll data revealed that job growth was actually 911,000 jobs fewer than originally understood during the backend of the Biden Presidency the biggest revision on record and further confirming that Washington Democrats' policies were failing hard working Americans.

Ways and Means Committee Chairman Jason Smith (MO-08)said:

"President Biden's economy was much worse than originally reported, and his promises to create jobs through massive government spending programs clearly failed. Combined with last year's revision, his administration's policies created 1.5 million FEWER jobs than originally estimated. If the Federal Reserve has been basing interest rate decisions on preliminary data from the Bureau of Labor Statistics, then American families who've suffered under high rates deserve a massive correction by the Fed as well. Democrats know they politically benefit when higher interest rates slow down a Trump economy that's why they begged for rate hikes the last time Republicans successfully cut taxes. The working families tax cuts are already providing relief with higher paychecks, but the Federal Reserve must do its part."

The One Big Beautiful Bill included a historic working families tax cut that will fuel economic growth and job creation. For example, according to astudyby the National Federation of Independent Business:

Permanency of the small business deduction will create an estimated 1 million new small business jobs each year over the next decade and 2 million each year in the following years.

The boost to America's economy generated by permanency of this deduction amounts to an additional $75 billion every year for 10 years and then $150 billion each year afterwards.