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
The Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, which is 0.3 percentage points lower than forecasted last month.
House Budget Committee Chairman Jodey Arrington (R-TX) issued a statement regarding the GDP growth figures: “Today, GDP growth for the first quarter came in at a worryingly low 1.3 percent, even worse than the previous estimate of 1.6 percent. This comes just days after consumer fears of a recession rose for the second consecutive month. Biden and the Democrats have proven once again that you can’t tax, spend, and regulate your way to growth and prosperity.”
Under the Biden Administration, there has been significant spending and economic policy decisions that critics argue have led to fiscal challenges. In April, inflation grew at an annualized rate of 3.4 percent. Since President Biden took office, inflation has increased by 19.3 percent, interest costs have risen by 152 percent, and concerns about a potential recession among Americans are growing.
Further statements from Chairman Arrington on related economic issues can be accessed through provided links.
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