Press Releases

WASHINGTON — Today, Speaker Johnson delivered remarks at the New York Stock Exchange (NYSE) to present his economic vision for the first 100 days under a Republican administration and the forward-looking House Republican agenda. Before delivering his speech, Speaker Johnson addressed the aftermath of Hurricane Helene and Iran’s attack on Israel today.

On the Biden-Harris Administration’s Failing Economic Policies

Four years of open borders, and what I regard to be reckless foreign policy, rising crime, the skyrocketing cost of living, have taken a real toll on the spirit of the American people. I visited with fourth and fifth generation family businesses that are on the verge of collapse after four years of high inflation and high taxes and hyperregulation. I've met with energy producers whose vital projects have been stalled by oppressive regulations. I've talked with moms and dads who are having to donate plasma and set up crowdfunding pages just to keep from losing their homes. This is a real statistic. GoFundMe, you all know the website, recently announced that web pages created to avoid car repossessions and home evictions are up 40% since last year. Families are watching the grocery bills double and their credit card debt rise because the cost of everyday goods has become unaffordable. Many of them are having to pick up second and third jobs because wages are falling compared to inflation, meaning they're working more hours for less money. And this has led our young people to begin to sour on the American dream. 

On the Trump Economy

We know the playbook for economic prosperity because we put it into action eight years ago. I came to Congress the same year that Donald Trump came to the White House, and we went right to work implementing the policies that we always said that we supported. We cut regulations, we reduced taxes, we produced energy here at home, we got the government out of the way, and we allowed the free market to thrive again. And as a result, we saw poverty rates plummet, we saw incomes rise, and the stock markets soar because we simplified the tax code, and we let Americans keep more of their own money. Nearly 7 million people were no longer dependent on food stamps. Middle class family income rose by nearly $6,000 and incomes rose in every single metro area in the United States for the first time in nearly three decades. We made America an attractive place to do business, and companies brought more than $1.7 trillion in capital back to within our borders. We stood up to countries that were exploiting one-side trade deals, and we added 510,000 manufacturing jobs for our middle-class workers. We expanded apprenticeships to more than 850,000 workers, we had the lowest unemployment rate within a half century with record low rates for African Americans, Hispanic Americans, and those without a high school diploma.

On Promoting American Investment and Opportunity

We'll promote investment and opportunity, and we'll do it by extending and building upon the Trump's tax cuts. In 2017, we reduced the IRS’ invasion into everyday lives of Americans, and we let them keep more of their hard-earned money. Businesses, large and small, began new projects, opened new centers, hired new workers, and provided better wages. We will reinstitute a broad-based tax policy that unleashes the American entrepreneurial spirit and encourages research development, and manufacturing. We want to ensure the U.S. remains the preeminent location for investment in innovation and technology. We do this by restoring immediate expensing for Research and Development cost, ensuring a strong FDII incentive to encourage us ownership and intellectual property, and restoring the 100% expensing provision. And as we support job creation and spur economic growth, we will reinstate the double guaranteed deduction and a strong child tax credit, but unlike other proposals, we will ensure that our tax policy respects the dignity of work, and it doesn't pay people more for staying out of the workforce.

On Countering America’s Adversaries

Gone are the days of allowing China to steal our jobs and technology and explore our exploit our trade deals, and hollow out our manufacturing sector…Last month, the House passed more than two dozen bills to confront China's exploitation of trade deals and nefarious economic practices. The BIOSECURE Act as an example, especially was a bipartisan victory that protected Americans health care data and halted federal contracts to biotech companies operated by our adversaries. 

Bipartisan work will continue as we take on Chinese companies that use forced labor and dodge tariffs through the de minimis exception. Congress also continues to have productive conversations about the best way to prevent American funds from flowing into firms that support the Chinese military. 

On Securing Our Border

House Republicans also plan to prioritize our nation by using the tax code to secure our border and fight the drug cartels. After four years of open borders and a record number of illegal crossings, we now have an absolute catastrophe across the country, including right here in New York, as you all know. And this catastrophe has resulted in enormous human suffering and financial cost. You may have seen how Jay Powell even said that the mass migration issue is causing unemployment to rise, and that seems quite obvious. That's why it's our intention to also use the tax code to deter illegal immigration and eliminate existing policies and loopholes that currently reward illegal aliens.

On Reinvigorating American Energy

American companies and families have been burdened by Green New Deal regulations, unrealistic EV mandates, pauses on LNG permitting and exporting, reduced oil refining capacity, and a litany are prohibitively expensive emission standards. These mandates, which have ignored the untapped resources right here within our own soil, and ignored the science supporting natural gas by the way, have made fueling up at the gas station and cooling or heating our homes astronomically more expensive. So, under our plan, we will roll back the Green New Deal regulations and reestablish American energy dominance.

On Reforming Education

We know that school choice already exists as millions of Americans who have the means, who are blessed, and able to send their children to the schools that best meet their needs. But Republicans want to expand that choice so that every American has that opportunity, every American can ensure the parents can ensure they have the resources and the options so their children can learn and grow and become citizens who are ready to continue on our great American experiment.

On Hurricane Helene

I've received updates on the latest recovery and rescue efforts, and will be working with our members, with FEMA, with state and local emergency management, to help address the many needs that are out there. This is going to go on for some time. We certainly are grateful for all the first responders who are actively working under very difficult conditions. Congress has previously provided FEMA with the funds it needs to respond, so we will make sure that those resources are appropriately allocated. Amid the uncertainty and confusion that these tragedies bring, one thing is certain, in the aftermath of disasters like this, we really do see the best of America. We see communities come together. We see friends and neighbors help one another. Businesses that are operating find a way to provide food and shelter. Recovery is going to take everybody working together, but I'm confident that we will rebuild. We will forge ahead because that's what we do in America.

On Biden-Harris Administration Weakness on Iran

Right now, American leadership has never been more important, and we need a maximum pressure campaign on Iran and its terror proxies. The world must know that the United States will continue to stand firmly with Israel as it fights for its very survival. President Biden needs to make clear that there will be decisive economic and potential military ramifications for these actions.