U.S. Senate Special Committee on Aging
12/12/2024 | Press release | Distributed by Public on 12/12/2024 19:35
Braun’s Final Opening Statement on the Aging Committee
FOR IMMEDIATE RELEASE
December 12th, 2024
Braun's Final Opening Statement on the Aging Committee
WASHINGTON- On Thursday, December 12th, U.S. Senate Special Committee on Aging Ranking Member Mike Braun and Chairman Bob Casey held a hearing entitled, "Empowering People with Disabilities to Live, Work, Learn, and Thrive." During the hearing, the Senators drew attention to some of the most important issues facing people with disabilities, including home care, employment accessibility, and economic security. The hearing will be the last with Senators Casey and Braun as Chair and Ranking Member of the Aging Committee.
Remarks as prepared:
People with disabilities have the same hopes, dreams, and expectations of respect and dignity as all of us.
One shared reality is the importance of a strong economy.
In recent years, people with disabilities have achieved record gains in jobs and labor force participation.
A good economy accomplishes more for people with disabilities than any federal program ever has or ever could.
But federal spending was excessive and has jeopardized these gains.
Trillions in unnecessary Biden-Harris administration spending still has inflation too high, up over 3 percent again from last year.
We had ten years of inflation crammed into three years.
Correspondingly high interest rates have pushed mortgage rates over 7 percent and cooled the job market.
The employment rate fell again last month, the second straight decline.
The most vulnerable are hit hardest by economic turmoil. That means seniors and people with disabilities.
They feel the pinch at the grocery store, when they look for a new home, and when they need a job.
I am confident that the Trump administration will turn the economy around.
The last thing older Americans and Americans with disabilities need is a tax hike.
But the debt problem causing our economic challenges has been bipartisan.
The national debt at the end of Fiscal Year 2024 was 99 percent of GDP, the highest since the end of World War Two.
By 2030, the debt could be 140 percent of GDP.
We now spend more on interest payments than national defense.
Last month the national debt rose over $36 trillion for the first time in American history.
$36 trillion is over $100,000 for every single person in America.
Think about what that means for benefits and services that seniors and people with disabilities rely on.
The debt isn't just a burden for future generations, it's a burden on our most vulnerable generations right now.
If we do not grapple with the national debt now, it will mean slower growth, more inflation, and even higher interest rates.
Seniors will struggle, people with disabilities will suffer, and every generation will be worse off.
I look forward to hearing more about economic trends affecting seniors and Americans with disabilities, and I hope we keep our reckless spending problem front of mind in this discussion.
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