A press release from Congressman Randy Hultgren:
Hultgren: President’s Budget Hurts Family Wages by Growing National Debt
Ignores Consequences of More Government Spending
Washington, DC – U.S. Representative Randy Hultgren (IL-14) today reacted to statements from the White House holding that the President’s FY2016 budget proposal helps American wages. The White House’s FY 2016 budget fact sheet states:
“These proposals will help working families feel more secure with paychecks that go further.”
—FY 2016 Budget Overview Fact Sheet, White House
In fact, according to the Congressional Budget Office and the Committee for a Responsible Federal Budget, take-home pay for Americans will be cut by $7,000 over the next 25 years if the debt continues on its upward path.
For young workers starting out on their careers, that equals $250,000 in lost income over 40 years.
Rep. Hultgren believes the President’s budget plan exacerbates the growing national debt, putting downward pressure on wages for Americans and hurting their ability to provide for themselves and their families.
“The President says he wants to ‘strengthen’ the middle class and make sure working families ‘feel more secure with paychecks that go further,’ but his budget does the exact opposite,” said Rep. Hultgren.
“We cannot spend knowing that our debt’s devastating interest will crush family budgets. When prices for necessities like groceries and medical care are rising every day, Americans are the collateral damage of the federal government’s irresponsible fiscal policies.”