Lubbock Times

WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) expressed deep concern following the release of the Consumer Price Index (CPI) report for March, which revealed a 3.5% increase in inflation, marking the highest level in six months.

In a statement, Arrington criticized the current economic landscape, attributing the inflation surge to what he described as "President Biden’s failed economic policies and congressional Democrats’ tax and spend agenda." He emphasized the impact on American households, stating, "Families’ buying power continues to erode, with prices increasing by 18.9 percent since January 2021, consumer confidence in our economic future has waned, and America’s competitiveness in the global market has been diminished."

Arrington called for immediate action to address the situation, declaring, "Enough is enough. We need to step back from the fiscal cliff and restore fiscal sanity in Washington by doing two simple things: cutting spending and growing the economy."

The report highlighted the concerning trend of declining consumer confidence and the broader fiscal challenges facing the nation, exacerbated by rising inflation. As of April 10, 2024, the economic outlook remains uncertain, with ongoing repercussions from the Biden administration's economic policies.

As policymakers grapple with the economic implications of the inflation uptick, Arrington's call for fiscal responsibility and proactive measures to stimulate economic growth resonates amidst the prevailing uncertainty in the financial markets.