MY WEEKLY COLUMN: ADVOCATING FOR IOWA FAMILIES AND TAXPAYERS IN CONGRESS
Our economy is in tough shape. Cumulative inflation has skyrocketed by nearly 20% since President Biden took office while real wages have fallen by roughly 4.4%. The Bureau of Economic Analysis estimated that the economy grew at a rate of only 1.3% in the first quarter of 2024 – three points lower than predicted – while interest rates have surpassed their highest levels in 23 years. Credit-card debt held by American families has exceeded $1 trillion, the household savings rate fell by 3.2%, the average rate for a 30-year fixed mortgage has hovered around 7%, and approximately two-thirds of middle-class families have reported experiencing financial hardship in the Biden economy.
As a longtime advocate for tax reform and a member of the powerful House Ways and Means Committee, I have worked to deliver real tax relief for our families, farmers, and businesses so that hardworking taxpayers can keep more of their hard-earned money and combat the crushing impacts of record inflation.
Read more in my weekly column below.