Lubbock Times

The Federal Open Market Committee (FOMC), the Federal Reserve's (Fed) committee responsible for determining the future path of interest rates, announced today that there will be no immediate change to interest rates. The rates remain at a 23-year high.

House Budget Committee Chairman Jodey Arrington (R-TX) released a statement criticizing current economic policies: "The Biden-Harris experiment in central planning of our economy has failed so miserably that even our central bank can’t throw us a lifeline of lower interest rates. Democrats’ unbridled spending combined with their unparalleled barrage of regulations have thrown the entire sandbox in the gears of our economy, and working families are paying the price."

In July, consumers remained concerned about a possible recession within the next 12 months for the sixth consecutive month. Consumer confidence peaked in October 2018 at 137.9, with inflation at a year-over-year rate of 2.5 percent. Currently, the Consumer Confidence Index stands at 100.3, and inflation is at a year-over-year rate of 3.0 percent.

In Q4 of 2018, when consumer confidence was high, debt to GDP was at 105 percent; today it has increased to 122 percent. Since President Biden and Vice President Harris assumed office, prices have risen by 19.2 percent, causing families to spend $17,000 more annually to maintain their previous standard of living.

Chairman Arrington attributed these economic challenges to what he termed as "unbridled spending and failed economic policies" under the Biden-Harris Administration.

For further information on related economic issues:

- Read Chairman Arrington’s statement on June's inflation rate.

- Learn more about how interest payments on national debt have increased by 153 percent during the Biden-Harris Administration.

- Review Chairman Arrington’s statement on rising unemployment rates since November 2021 in June.