MODERNIZING OUR ECONOMIC THEORIES

On 2025-04-09, Representative Ro Khanna (D-CA-17) delivered a floor speech titled "MODERNIZING OUR ECONOMIC THEORIES" in the House.

MODERNIZING OUR ECONOMIC THEORIES

Congressional Record, Volume 171 Issue 64 (Wednesday, April 9, 2025) [Congressional Record Volume 171, Number 64 (Wednesday, April 9, 2025)] [House] [Page H1513] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] MODERNIZING OUR ECONOMIC THEORIES (Mr. KHANNA asked and was given permission to address the House for 1 minute.) Mr. KHANNA. Mr. Speaker, the stock market is decimated, almost 20 percent down, entering bear territory. At the same time, bond yields are skyrocketing, meaning ordinary Americans are going to have higher interest rates on their credit cards and their mortgages. It means we are going to have to pay more on our debt. At the same time, the dollar is declining and prices are going up, meaning it is going to be harder to afford groceries. Mr. Speaker, these are the most self-destructive, wealth-destroying policies any administration has undertaken in modern American history. They have tariffs at 1909 levels at 22.5 percent, making a global trade war. Businesses have lost confidence. There is only one way out. We need a reset of this President's economic team. Howard Lutnick was talking about building more screws in America, as if we were living in the 19th century. He needs to go. We need new economic thinkers with this President who actually understand how the economy works and can turn things around. ____________________