Lubbock Times

House Budget Committee Chairman Jodey Arrington (R-TX) has issued a statement addressing the recent decline in financial markets and what he describes as the fiscal downturn under the Biden-Harris Administration.

“The Biden-Harris Administration built this economy out of sticks and straw, and now we are seeing it buckle and break. First, they gave us unbridled spending; next was a barrage of taxes and regulations on American businesses. This led to the highest interest rate increase in a quarter of a century and created a cost-of-living crisis that is crushing working families," Arrington stated. "How’s that working out? Prices are up nearly 20 percent, unemployment is rising, consumer confidence is down, and now financial markets are in a tailspin. Someone please take the matches away from the children before they burn the entire house down.”

Arrington's comments come amid concerns over unchecked spending and regulatory policies that have exacerbated U.S. federal debt and deficit issues since President Biden and Vice President Harris assumed office. According to Arrington, prices have surged by nearly 20 percent during their tenure, compelling families to spend an additional $17,000 annually to maintain their standard of living from January 2021.

Further statements from Chairman Arrington address other economic indicators:

- The U.S. national debt surpassing $35 trillion.

- Consumer pessimism regarding their current economic standing in July.

- The Federal Reserve's decision not to lower interest rates in July.

For more information on these topics, refer to Chairman Arrington’s statements available through the House Budget Committee.