Lubbock Times

The Bureau of Economic Analysis (BEA) has released its final estimate for economic growth in the first quarter (Q1) of 2024, revealing that real U.S. Gross Domestic Product (GDP) grew by 1.4 percent.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the GDP growth figures, stating: “Tonight, President Biden will make his case for a second term. While he attempts to spin his record of runaway spending and high inflation, the facts show that his Presidency is four years of fiscal failure and an underperforming economy. Today, it was confirmed that GDP growth for the first quarter of 2024 was just 1.4 percent. On top of weak GDP growth, the Biden 20% inflation tax has cost families over $17,000 more per year for the same gas, groceries, and other goods they bought before Biden took office. Soaring interest rates and ongoing inflation have nearly doubled the cost of their homes, cars, and other essential items. Biden and the Democrats have proven that you can’t tax and spend your way to growth and prosperity.”

Chairman Arrington further criticized what he termed as "unbridled spending" under President Biden's administration. He highlighted that since President Biden took office, inflation has risen by 19.3 percent while interest payments on national debt have increased by 153 percent. Additionally, he pointed out a recent decline in the Consumer Confidence Index as indicative of public concern over financial stability.

Further information from the House Budget Committee includes statements on May's inflation rate at 3.3 percent and rising interest payments on national debt during President Biden’s term.