Lubbock Times

The Conference Board released its report today evaluating the Consumer Confidence Index for June 2024. The findings indicate a decline in consumer confidence, reflecting concerns among Americans about their financial future.

The Conference Board Consumer Confidence Index® measures households' optimism or pessimism regarding their financial situation and their ability to secure or retain employment. For the fifth consecutive month, the Conference Board’s Expectations Index—which assesses consumers’ short-term outlook for income, business, and labor market conditions—remained below 80, a level that suggests a recession may be forthcoming.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the report: “Today’s report shows that the American people continue to endure the harsh economic consequences of the Biden Administration’s policies. The lack of consumer confidence underscores a bleak economic outlook, with American consumers worried about their future financial security."

He continued, "It’s no wonder consumers are pessimistic. Under President Biden’s watch, the Biden inflation tax is costing families over $17,000 more per year for the same goods and services than they were before he took office and twice as much for their homes, cars, and other essential items due to soaring interest costs. Democrats’ unbridled spending and President Biden’s failed economic policies dampen the economy and hurt Americans more than ever in their pocketbooks.”

Under President Biden's administration, increased spending and what some describe as failed economic policies have exacerbated the U.S. federal government’s debt and deficit crisis. Since President Biden assumed office, inflation has surged by 19.3 percent, compelling families to spend over $17,000 more annually to maintain their previous standard of living.

The Conference Board's June report further indicates that consumers' assessment of their 'Family's Current Financial Situation' has deteriorated during this period.

Additional statements from Chairman Arrington include remarks on May's inflation rate at 3.3 percent and GDP growth of just 1.3 percent for Q1 of 2024.