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
The Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index was 2.5 percent for June. Since the Biden-Harris Administration took office, prices have risen nearly 20 percent, with Americans paying approximately $17,000 more per year for the same goods and services.
House Budget Committee Chairman Jodey Arrington (R-TX) issued a statement on President Biden’s economic policies in light of the recent PCE report: "Today's report shows just how stubborn inflation is as a result of the Biden-Harris Administration's record spending and failed economic policies, which caused prices to climb nearly 20 percent. This crushing inflation tax is costing American families nearly $17,000 more per year for the same goods and services, and the resulting high interest rates and rising house prices are locking millions out of the American dream of homeownership."
Year-over-year PCE inflation was recorded at 2.5 percent while core PCE inflation stood at 2.6 percent. The gross national debt has reached $34.99 trillion, an increase from $32.59 trillion one year ago, reflecting a rise of $2.4 trillion over the past 12 months.
Further information on economic conditions can be found through statements from Chairman Arrington on various indicators such as CPI year-over-year inflation, unemployment rates, and consumer confidence.