Lubbock Times

The Bureau of Economic Analysis (BEA) released its initial estimate for economic growth in the second quarter (Q2) of 2024, reporting a 2.8 percent increase in real U.S. Gross Domestic Product (GDP). The report highlights ongoing concerns about inflation and cost-of-living increases under the current administration.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the GDP growth figures: "The damage from Democrats’ reckless spending and the Biden-Harris Administration’s failed economic policies is done. The goal should be to bring down the stubborn inflation that is crushing the American people and the high interest rates that are fueling the cost-of-living crisis. We must return the economy back to pre-COVID rates of growth, and this report underscores that we are still painfully far from that goal."

According to Arrington, since President Biden and Vice President Harris took office, inflation has increased by 19.2 percent, significantly impacting Americans' purchasing power. Additionally, interest payments on national debt have surged by 153 percent.

House Budget Committee Republicans have expressed their commitment to addressing these issues by reversing what they describe as mismanagement of government spending.

Further information can be found through various statements and reports from the House Budget Committee.