Lubbock Times

WASHINGTON, D.C. – Today, the Bureau of Economic Analysis (BEA) reported that U.S. Gross Domestic Product (GDP) grew by just 1.6 percent in Quarter 1, 2024. This is well below estimates from market watchers, with some forecasting as high as 2.9 percent.

House Budget Committee Chairman Jodey Arrington (R-TX) expressed his concerns about the GDP growth for Q1, stating, "Today, GDP growth for the first quarter came in at a shockingly low 1.6 percent, well below the forecast." Arrington also attributed the decline in the country's fiscal health to "Democrats’ reckless spending and President Biden’s failed economic policies."

Arrington further emphasized a key economic principle in his statement, saying, "Today’s report confirms a timeless and simple economic principle: when you overstimulate demand with massive federal spending and - at the same time - constrain supply with increased taxes and regulations, you get inflation, interest rate hikes, and a weak and receding economy."

Under the Biden Administration, unbridled spending and failed economic policies have led to a concerning fiscal situation in the country. In March, inflation rose by 3.5%, marking the highest level in six months. Since President Biden took office, inflation has surged by a significant 18.9 percent.

The latest GDP growth figures for Q1 serve as a stark reminder of the challenges facing the U.S. economy amidst ongoing debates over fiscal policies and economic strategies.