Rep. Suzan DelBene, D-Wash., is chair of the centrist New Democrat Coalition in the U.S. House of Representatives.
As voters head to the polls next Tuesday, they’ll look at what Congress has accomplished, and the economy will be top of mind. Republicans often claim their party is better for the economy, but if we look at what Democratic majorities have done in just two short years – including recently passing the Inflation Reduction Act and the CHIPS and Science Act – it’s clear the Democratic party is the one setting our country and economy up for long-term success.
In fact, history has shown that Democratic policies grow our economy at a higher annual average rate, create tens of millions of good jobs, and strengthen our economy overall. Just last week, the GDP quarterly report showed that the U.S. GDP grew 2.6% in the third quarter of 2022 under Democratic leadership. All of this is a direct result of the work Democrats have done in Congress and in the White House.
I’ve seen this work firsthand. As a former business executive, entrepreneur, and in my current role as the chair of the nearly 100-member center-left New Democrat Coalition, I know how hard Democrats are working to grow our economy so every American can succeed in it.
In February, New Dems established an inflation working group and met with industry and economic experts like Secretary of Commerce Gina Raimondo, former Treasury Secretary and economist Larry Summers, Treasury Deputy Secretary Wally Adeyemo, and Intel CEO Pat Gelsinger, to find policies to lower costs for Americans.
As a result, we developed a comprehensive action plan to fight inflation that outlined an affordability agenda and actions Congress and the Biden administration can take to cut costs for families. We’ve had one of the most productive Congresses in recent memory and made great progress on the New Dem Action Plan by passing legislation to lower health care and energy costs, secure supply chains, create jobs, fight climate change, and improve our nation’s infrastructure. Republicans had every opportunity to join Democrats in our efforts to strengthen our economy and cut costs for working families, but they nearly unanimously voted against each of these policies.
On top of these legislative accomplishments, Democrats decreased federal spending by $550 billion and reduced the deficit by $1.4 trillion in 2022 – the biggest single year drop in the deficit in American history. Thanks to the Inflation Reduction Act, the deficit is projected to fall by even more. Republicans promised this for years but failed to accomplish it. In fact, under former President Donald Trump’s leadership, Republicans passed a tax law that the CBO predicted would increase the deficit by $1.9 trillion and the deficit exploded under the last three Republican presidents. Republican attacks on Democrats fall flat when you look at their economic record, which also includes two recessions under recent GOP…