Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
WASHINGTON, D.C. – House Budget Committee Chairman Jodey Arrington (R-TX) released a statement today following the Consumer Price Index (CPI) report for June, which indicated a slight drop in inflation from May. The year-over-year inflation rate was reported at 3.0 percent. Since President Biden assumed office, prices have increased by a total of 19.2 percent.
Chairman Arrington commented on the report: “The damage from Democrats’ reckless spending and President Biden’s failed economic policies is done and American families continue to suffer the consequences of an unsustainable cost of living. With only a one-tenth of one percent reduction in prices, high inflation continues to persist and plague our economy. Since President Biden took office, his inflation tax has caused overall prices to rise by almost 20 percent. Americans have less money in their pockets, a lower standard of living and little hope that their economic future will improve. Our nation cannot afford four more years of President Biden."
According to Arrington, the average family of four is now paying an additional $16,992 per year or $1,416 per month for the same goods and services due to what he refers to as "Bidenomics." He asserts that the current levels of spending by the Biden Administration are not sustainable for the nation's economic health.
Additional information from the House Budget Committee indicates that:
- The unemployment rate reached its highest level since November 2021.
- Consumer confidence weakened in June.
- GDP growth for Q1 came in at a low 1.4 percent.
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