Lubbock Times

Today, The Conference Board released its report on the Consumer Confidence Index for September 2024. The report indicated that overall consumer sentiment declined sharply in September to 98.7 from an upwardly revised 105.6 in August, showing that Americans continue to worry about their financial futures. This marks the largest decline in Consumer Confidence since August 2021 and remains well below pre-Covid levels.

House Budget Committee Chairman Jodey Arrington (R-TX) issued a statement regarding the Consumer Confidence for September: "Today’s report exposes the truth of the matter: Americans continue to distrust the Biden-Harris economy. Despite the long-awaited rate reduction, consumers remain wary about their ability to afford basic necessities, with consumer sentiment experiencing its largest drop since August 2021."

He added, "Further, due to the economic pain unleashed by the Biden-Harris spending spree, less than 20 percent of American consumers expect their incomes to rise. With an almost 25 percent increase in the unemployment level, the threat of a recession still lies ahead, and consumers are struggling to afford food and health care because of the Biden-Harris Administration’s reckless and unbridled spending spree."

Arrington also noted that "Working Americans want real results from Washington that will lower prices, increase their paychecks, and provide better opportunities for their families."

According to recent data from the University of Michigan, a record share of consumers now expect no real income growth over the next five years. Since President Joe Biden and Vice President Kamala Harris took office, the cost of goods and services has risen nearly 20 percent. Families now spend over $17,000 more annually just to maintain their previous standard of living.

Arrington criticized what he termed as unchecked spending and burdensome regulations under the current administration which he believes have stifled American businesses. He pointed out that consumer confidence peaked at 137.9 in October 2018 before what he describes as detrimental policies took effect.

The House Budget Committee is focused on addressing these issues by highlighting concerns over government spending and seeking ways to reverse what they see as mismanagement of taxpayer funds.