Lubbock Times

The Bureau of Economic Analysis (BEA) reported today that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, was 2.6 percent for May. Since President Biden took office, prices have increased by 19.3 percent. This increase translates to an average family of four paying an additional $17,080 per year or $1,423 per month for the same goods and services as in January 2021.

House Budget Committee Chairman Jodey Arrington (R-TX) issued a statement regarding what he termed President Biden’s "20 percent inflation tax": “Prices have risen nearly 20 percent under President Biden’s watch. His spending lit the fuse of an inflationary firestorm that cost families over $17,000 more per year for the same gas, groceries, and other goods they bought before he took office."

Arrington further criticized the administration's economic policies: "Interest rates soared in response to inflation, nearly doubling the cost of homes, cars, and other important purchases, worsening the cost-of-living crisis. While leveling inflation is a welcome sign, President Biden’s failed economic policies and Democrats’ reckless spending have caused prices to increase, causing massive harm to the American people.”

Background information from the House Budget Committee includes Chairman Arrington’s statement on GDP growth of 1.4 percent in Q1 of 2024 and his remarks on CPI year-over-year inflation falling to 3.3 percent in May.