Lubbock Times

The Conference Board released its report on the Consumer Confidence Index for August 2024, indicating a rise in overall consumer confidence. However, it remains within the narrow range consistent with the past two years. Economic uncertainties such as high interest rates and persistent inflation continue to affect Americans' economic outlook.

House Budget Committee Chairman Jodey Arrington (R-TX) commented on the report, stating: "While the Conference Board’s report showed a slight improvement in consumer confidence, overall markets remain weak and Americans are worried about the health of the labor market. Families are paying over $17,000 more annually just to maintain the same standard of living they enjoyed before Biden-Harris took office. Their bank accounts have been wiped out, with the savings rate dropping from 7.7 percent right before the pandemic to 3.4 percent under Kamalanomics."

Arrington further noted that unemployment has risen for four consecutive months and recent revisions indicate a weaker job market than previously reported. He highlighted that consumer interest rates are at a 23-year high, questioning how American families can endure another four years under what he termed as "the Biden-Harris failed economic agenda."

Since President Joe Biden and Vice President Kamala Harris assumed office, Arrington pointed out that the cost of goods and services has surged nearly 20 percent. This increase has led families to spend over $17,000 more annually to maintain their previous standard of living.

He criticized what he described as unchecked spending and overreaching economic policies by the current administration, which he believes have exacerbated federal debt and deficit issues. The House Budget Committee aims to address these concerns by highlighting what they view as fiscal mismanagement.

Further statements from Chairman Arrington on related economic issues can be accessed through links provided by the House Budget Committee.