Lubbock Times

WASHINGTON, D.C. – House Budget Committee Chairman Jodey Arrington (R-TX) issued a statement following the Consumer Price Index (CPI) report for May, which indicated that inflation remained unchanged from April, with year-over-year inflation at 3.3 percent. Since President Biden took office, prices have increased by a total of 19.3 percent.

Chairman Arrington commented on the report: “The American people have suffered the consequences of Democrats’ runaway spending and Biden’s failed economic policies for far too long. Falling workforce participation, worsening consumer confidence, and doubts about future economic growth all paint a bleak picture for our nation’s fiscal health. Under President Biden prices have risen almost 20 percent and inflation has proved painfully persistent making life for working Americans very difficult and unsustainable."

He further stated, "We must stop the unbridled spending and return to pro-growth policies to reverse the curse of a looming recession and debt crisis and get America back on a sustainable fiscal path.”

According to Arrington, since President Biden took office, prices have increased by 19.3 percent. This increase means that an average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services.