Lubbock Times

WASHINGTON, D.C. – Today, the Federal Open Market Committee (FOMC), the Federal Reserve’s (Fed) committee that meets every six weeks to discuss federal interest rates, announced that there will be no immediate change to interest rates.

Chairman Arrington expressed concerns about the current economic state under the Biden Administration, stating, “Democrats and President Biden have made history for all the wrong reasons: record $7 trillion in additional debt, a record number of regulations by a President, and 40-year high inflation. It’s no wonder GDP growth is stalling, consumer confidence is faltering, and the Federal Reserve won’t be dropping interest rates anytime soon, which will only perpetuate the cost-of-living crisis and put the American Dream of home ownership farther out of reach for hardworking families than ever before. Americans can’t afford four more years of this Administration.”

The plummeting consumer confidence, marking the third consecutive monthly decline, is seen as a significant indicator of the public's lack of faith in the economic direction under President Biden. This trend not only raises concerns but also signals a potential recession on the horizon.

Attributing stubborn inflation to Biden's spending, the article highlights how each rise in inflation acts as a burden on American families, diminishing their earnings. The article criticizes the Administration's spending spree, labeling it as poor fiscal policy and fiscal irresponsibility on a massive scale.

Furthermore, the stagnant GDP growth under the Biden Administration is attributed to uncontrolled spending and ineffective economic policies. The House Budget Committee members express deep concerns over the economic trends, emphasizing the failure of the Administration's fiscal strategies.

In conclusion, the House Budget Committee is alarmed by the negative economic indicators emerging under the current Administration, including declining consumer confidence, high inflation, and slow GDP growth. These factors, according to the Committee, signify a mismanagement of the country's economic stewardship.

The House Budget Committee urges for a reevaluation of the economic policies in place under President Biden to address the challenges faced by American families in the current economic landscape.