Enzi: Congress and White House Must Work Together on Pro-Growth Economic Policies
WASHINGTON D.C. – During a Senate Budget Committee hearing on the Economic Report of the President, Chairman Mike Enzi (R-WY) said the Council of Economic Advisers analysis of U.S. domestic and international economic policy priorities is particularly relevant as Congress grapples with a challenging fiscal outlook.
“To keep our economy moving in the right direction, we need to continue working together on pro-growth policies. These efforts are helping American workers, small businesses, and families,” said Chairman Enzi. “Most notably, the Tax Cuts and Jobs Act we passed last year is producing higher wages, more dollars in workers’ paychecks, and increased domestic investment. Returning investment to America is key to continued economic growth. Not only does it create jobs in the short term, but capital formation also raises productivity and exponentially increases the amount workers make. A more productive workforce raises the standard of living for all Americans.”
Enzi noted that a stronger economy results in better wages, improved profits, and more reinvestment in American businesses and workers. According to the Council, in the first few months of 2018, more than 300 companies have announced salary increases, bonuses, and/or higher 401(k) matching, benefiting more than 4.2 million workers. In its report, the Council estimates that $190 billion in planned corporate investment is attributable to the Tax Cuts and Jobs Act.
“Congress also must ensure that none of the policies put forward slows or reverses the nation’s economic expansion. A number of members, myself included, have serious concerns over punitive tariffs, especially given the threat of foreign retaliation,” Chairman Enzi said. “We also believe efforts to renegotiate large trade deals must be done with our economy’s best interest in mind and with congressional consultation. I look forward to discussing how we can promote the economy, create jobs, and tackle our national debt. Above all, we must continue to invest in our economy and workers in order to address our fiscal issues.”
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