Lubbock Times

House Budget Committee Chairman Jodey Arrington (R-TX) released a statement today in response to the Consumer Price Index (CPI) report for July, which indicated a year-over-year inflation rate of 2.9 percent. According to Arrington, prices have increased by a total of 19.4 percent since President Biden and Vice President Harris assumed office.

"Despite a small improvement in the rate of price increases, the damage from the Biden-Harris Administration’s philosophy of 'tax it, regulate it, and spend it' is done and continues to plague the economy," said Arrington. "Considering this past week’s financial market scare, a weak jobs report, a 23-year high in interest rates, and an almost 20% cost of living increase, it's hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda."

Arrington further noted that Americans continue to face significant financial challenges under what he termed "Kamalanomics." He stated that the average family of four is now paying over $17,000 more annually for the same goods and services. He also criticized the Biden-Harris Administration's spending policies, which he claimed have significantly contributed to a deficit now exceeding $35 trillion.

For additional context:

- Chairman Arrington's statement on last week’s drop in financial markets can be found [HERE].

- His statement on the Federal Reserve leaving interest rates unchanged is available [HERE].

- Information on how the July jobs report showed unemployment rising for the fourth consecutive month can be read [HERE].