Boyle Statement on CBO Long-Term Budget Outlook

Jun 28, 2023

WASHINGTON, D.C. –  Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, issued a statement following the release of the Congressional Budget Office's (CBO)  2023 Long-Term Budget Outlook:

 

“Looking back to where we were just three years ago, the progress we have made is extraordinary,” said Ranking Member Boyle. “Just as President Biden outlined in his speech in Chicago today, this CBO report both recognizes the long-standing challenges facing our nation while underscoring the strength and stability of our record-breaking recovery. Thanks to President Biden's vision and lifesaving legislation passed by Congressional Democrats, we've achieved the fastest and most equitable recovery in decades, growing the economy from the middle out and bottom up by investing in America's greatest resource: its people."

 

The U.S. economy has added more than 13 million jobs – including nearly 800,000 manufacturing jobs – as manufacturing and clean energy power an innovation renaissance in America. The strong labor market recovery and higher paying jobs have drawn Americans back into the workforce and the share of working age Americans in the workforce is higher now than it was during the entirety of the previous administration. Importantly, this growth has been broadly shared as groups that have been left behind in previous recoveries have experienced record low unemployment rates under this Administration.

 

 

While ongoing supply chain issues and Russia’s war in Ukraine continue to fuel inflation in key sectors across the globe, inflation in the U.S. has fallen for 11 straight months, coming down by more than half. Today’s CBO report projects inflation will continue to fall and stabilize at levels below the historical average over the long-term. Meanwhile, inflation-adjusted income is up 3.5% with low-wage workers seeing the largest wage gains over the last year.  And as Americans’ confidence in the economy grows, more than 10 million Americans filed applications to start a new business in 2021 and 2022 – the strongest two years on record.

 

 

“As previous CBO reports and other data sources have shown, our record-breaking recovery did not happen by accident. When you look at where the United States economy is now versus all our peer countries, you would rather be the United States than any other country. American families will enjoy the benefits of Democrats’ economic achievements today and for years to come, as our investments continue to transform our communities, grow the middle class, shrink deficits, and ensure America can compete to win in the global marketplace,” Ranking Member Boyle added. “However, today’s CBO report also underscores the damage done by decades of Republicans’ unpaid-for tax cuts for the mega-rich and well-connected.”

 

Republicans’ trickle-down fantasy has added trillions to the debt, deprived the economy of needed revenue, and failed to deliver for the economy or American workers. But instead of learning from their past mistakes, Republicans are doubling down on these failed policies — plotting cuts to Social Security, Medicare, and the vital programs that keep our communities safe and support American families, all while pushing a $3 trillion deficit-busting agenda to extend the expiring Trump tax cuts for the wealthy, pad Big Pharma’s profits by raising prescription drug costs, and help wealthy people and corporations to continue to cheat on their taxes. 

 

“While Republicans continue to prioritize the wealthy over the working, House Budget Democrats will keep fighting to protect Social Security and Medicare, create more jobs, lower families’ costs, enforce our tax laws, and safeguard lifeline programs from Republican cuts. As Ranking Member, I look forward to a strong, continued partnership with President Biden and his Administration as we strive for economic growth that benefits all Americans in all of America,” Mr. Boyle concluded.

 

 

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Issues: 
Fiscal Outlook, Republican Agenda, American Rescue Plan