More Americans are dipping into their savings to combat inflation, says Rep. Kevin Brady (R-TX), who joined Yahoo Finance Live on June 29, 2022 to discuss inflation, the state of the economy and the latest in politics.
KEVIN BRADY: President Biden's economy is a very cruel economy. More and more Americans now, two out of three, are dipping into their savings trying to pay for these higher prices and using their credit card more. 26 million Americans who've had their savings wiped out because of these higher prices. And one out of four report they are delaying their own retirement due to the president's economy right now.
Republicans will do the opposite. So we're going to eliminate the COVID-era spending that fueled so much of inflation. Rather than hike taxes on Main Street businesses that would drive inflation, we'll seek to make the lower taxes permanent.
You're going to see a concerted effort to reconnect workers to their jobs because, as you know, it doesn't matter what size business you are, you are struggling to find workers. We don't have them to assemble products, man the production lines, deliver them, service them. Unless we get people reconnected, we're going to see higher prices, higher inflation for a much longer period.