Lubbock Times

House Budget Committee Chairman Jodey Arrington (R-TX) has authored an Op-Ed in the Washington Examiner, criticizing President Biden's economic policies. Arrington contends that under the Biden Administration, the United States has reached unprecedented levels of debt, with inflation soaring nearly 20 percent and the American dream becoming increasingly unattainable for millions.

In his piece, Arrington cites economist Milton Friedman's definition of inflation as "too much money chasing after too few goods," suggesting it aptly describes Biden's economic agenda. He argues that federal stimulus measures combined with higher taxes and regulations have led to a cost-of-living crisis and economic decline.

Arrington criticizes several key pieces of legislation and policy decisions from the Biden Administration. He points to the "Inflation Reduction Act," which he claims imposed tax hikes on job creators, expanded subsidies for wealthier individuals under Obamacare, and provided substantial tax breaks to green energy corporations. According to Arrington, these measures have contributed to labor shortages by incentivizing people to stay home rather than return to work.

The Op-Ed also highlights a significant increase in rules and regulations on small businesses, resulting in high costs. Furthermore, Arrington accuses Biden of implementing policies that have raised production costs across various sectors due to what he describes as an assault on domestic energy.

During a recent presidential debate, President Biden defended his administration's record, asserting that the economy is strong and that Americans are better off than they were four years ago. However, Arrington disputes this claim, stating: "For the sake of our country, I wish it were so — but unfortunately, it couldn’t be further from the truth."

Arrington refers to projections from the nonpartisan Congressional Budget Office indicating that deficit spending for fiscal 2024 will reach $1.9 trillion. He notes that this figure adds to the $7 trillion increase in federal debt under Biden’s tenure. According to Arrington, this level of indebtedness surpasses even World War II records.

He also mentions that deficit spending has driven up interest rates significantly since Biden took office. The cost of servicing national debt has increased by $540 billion or 153%, representing 9% of federal revenue in 2021 and projected to rise further.

Inflation remains a central concern in Arrington's critique. He notes that prices have risen nearly 20% since Biden assumed office, translating into higher living costs for families who now pay approximately $17,000 more annually for goods and services compared to before his presidency.

The Federal Reserve's response included raising interest rates multiple times starting in March 2022; rates have remained at 5.25% since July 2023. High-interest rates have made purchasing homes or cars challenging for many Americans.

Arrington underscores declining GDP growth from 3.4% in Q4 2023 to 1.4% in Q1 2024 as evidence of economic stagnation under current policies. Additionally, consumer confidence metrics suggest public concern about an impending recession.

He concludes by advocating for reduced government spending and regulatory reforms as necessary steps toward restoring economic stability: "If we don’t restore economic freedom and fiscal responsibility... we will surrender our nation’s leadership and influence around the world."

Chairman Arrington continues voicing concerns over what he terms "Bidenomics," warning it could lead America into deeper economic trouble.