Lubbock Times

The Conference Board released its report on the Consumer Confidence Index for July 2024, revealing a decline in consumers' views of the present economic situation. The index remains significantly below pre-COVID levels, indicating growing anxiety among Americans about their financial futures.

The Present Situation Index's decline highlights concerns over economic stability and personal financial security. This comes as the national debt reached $35 trillion, further contributing to declining confidence.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the report: "This report confirms the painful reality of the Biden-Harris cost of living crisis, reflected in consumers’ lack of confidence in their current economic situation. And while future expectations remain dangerously low, they have markedly improved as our country moves closer to the prospect of a second Trump Administration. These surveys almost mirror the polls that show the American people have significantly greater confidence in a Trump economic agenda than more of the disastrous Biden-Harris tax and spend policies."

Under President Biden's administration, unchecked spending and expansive economic policies have exacerbated federal debt and deficit issues. Inflation has increased nearly 20 percent since he took office, compelling families to spend approximately $17,000 more annually to maintain their previous standard of living.

The Conference Board’s July report also indicates that consumers' assessment of their ‘Family’s Current Financial Situation’ worsened for the sixth consecutive month, with the index remaining below 80—a threshold often signaling an impending recession.

Further statements from Chairman Arrington can be found on topics such as Personal Consumption Expenditures (PCE), CPI year-over-year inflation for June, and rising unemployment rates.