Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on the improved economy under Democratic leadership. Below are Senator Schumer’s remarks, which can also be viewed here:
The reports are in and the results are clear: Americans are feeling better and better about where the economy is headed under President Biden and Congressional Democratic leadership.
When you pass an ambitious agenda like the one Democrats have passed under President Biden, it can take some time for the effects to take hold. But now we’re starting to see these benefits gain momentum, and Americans are starting to notice. As a Washington Post headline read this week: “Falling inflation, rising growth give U.S. the world’s best recovery.”
And American citizens have noticed. The University of Michigan showed that consumer sentiment surged by nearly 30% over the last two months, the biggest two-month increase in over thirty years.
And earlier this week, another survey by The Conference Board showed American consumers are more optimistic about the economy today than they have been in over two years.
Let me say that again: according to a new survey by The Conference Board – very well respected – American consumers are more optimistic about the economy today than they have been in over two years.
The chief economist at The Conference Board credited the surge in consumer optimism to “slower inflation” and “favorable employment conditions.”
Look, a year and a half ago, when Democrats passed legislation investing in the American people – like the Inflation Reduction Act – the hard-right predicted America would sink into recession. Instead, the opposite has happened: jobs are up, the economy is up, wages are up, and inflation has cooled down.
None of this happened on its own: it’s a result of Democrats choosing to invest in infrastructure, invest in manufacturing and scientific innovation, lowering prescription drug costs, and more.
We are seeing big progress across the country. One year ago this week, I stood with President Biden to announce historic investment in one of the most important infrastructure projects in the country – the Gateway Tunnel.
And just this morning, we learned that manufacturing investment – something that had plagued America for quite a while – is near an all-time high, more than double its highest point during the previous administration.
Look, Republicans know that Democrats’ agenda is working. It’s why so many Republican members of Congress are openly taking credit for our achievements. All over the country, you see Republicans bragging about projects and jobs that they actually voted against in Congress.
The hard-right knows they have no real agenda to tout. As one Texas Congressman said on the House floor “I want my Republican colleagues to give me one thing — one — that I can go campaign on and say we did. One!” Unfortunately, his options – this Republican congressman – are slim because they don’t have much to tell the American people about that they did that was good.
Without real accomplishments of their own, the hard-right is trying to take credit for the things Democrats are doing. It’s laughable, and the American people frankly aren’t falling for it.
So, make no mistake, we still have a long way to go to make our economy more productive, but Americans can rest assured that under President Biden and Congressional Democrats, we’re on the right track.