Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
WASHINGTON, D.C. – House Budget Committee Chairman Jodey Arrington (R-TX) appeared on The Larry Kudlow Show on Fox Business today. Alongside Kudlow and Economist Art Laffer, Chairman Arrington discussed the impact of President Biden’s economic policies.
Speaking about inflation, Chairman Arrington stated, “Well, you've got to be really good and intentional about squeezing the supply side while you're flooding the demand side with federal monies, the supply side is squeezed by the things you just mentioned. And I would add to that, paying people who are capable of working not to work. So you combine the profligate spending with the squeeze on the supply side, and you get this inflationary Firestorm, this cost of living crisis. So the hammer of high interest rates aren't going to be sufficient. You've got to rein in the spending. And you've got to provide the supply side relief that we saw during the Trump administration and Republicans controlling Congress. Lower taxes, lower regulation, the incentives for people who are work capable to work. You do that and you bring the supply and demand into balance and our best days are ahead of us. And certainly you'll see a tamp down on inflation.”
Regarding reconciliation, he commented: “You better believe it. That is the tool that will be the super bowl to save the country from not only inflation but a sovereign debt crisis that looms over the horizon. And you've got to get at mandatory spending, you've got to reform entitlements. And that's part of the utility of reconciliation that gives us a simple majority in the Senate but it also will allow us to lock in the supply side relief with permanence on tax, the tax cuts from the Trump era among other things that will reignite growth if we can grow by 1% over what CBO projects.”
For more information from House Budget Committee: Read about the Bureau of Labor Statistics CPI Inflation Report for April HERE. Read about the Federal Reserve making no change to inflation HERE. Read about Consumer Confidence for April falling HERE.
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