Submitted by United States Senator John Kennedy of Louisiana
WASHINGTON (November 20, 2024) – Senator John Kennedy (R-La.) today released the following statement on how to grow the U.S. economy to help Louisianians and all Americans after President Joe Biden and Vice President Kamala Harris caused record-high inflation.
Kennedy’s key remarks are below.
“We’ve got to grow our way out of these high prices.”
. . .
“That’s another way of saying that we have got to stimulate our economy so that income and wages go up and so people will have more money to be able to afford the products that now are priced higher because of President Biden and Vice President Harris’s inflation.”
. . .
“The idea was that if we let people keep more of their money, they would invest it and stimulate the economy and grow it, and we’d all be better off—and it worked,” Kennedy said, explaining the impetus behind the Tax Cuts and Jobs Act.
. . .
“Over the first three years of President Trump’s term, our economy grew between 8 and 9% after we passed the Tax Cuts and Jobs Act. After we passed Tax Cuts and Jobs Act, the median household income—that means basically the average household income in America—increased over two years by $5,000.”
. . .
“If you want to increase wealth, you’ve got to increase output. How do you increase output? By reducing taxes and reducing regulation. When you tax something, you get less of it. When you regulate something, you get less of it. When you tax and regulate less, you get more of it.”
. . .
“We’re going to beat these high prices by getting America growing again and getting wages growing again.”
