Lubbock Times

The Bureau of Economic Analysis (BEA) has published its initial estimate for the United States' economic growth in the third quarter of 2024. According to the report, real Gross Domestic Product (GDP) increased by 2.8 percent.

House Budget Committee Chairman Jodey Arrington expressed his views on the latest GDP figures, linking them to broader economic policies. He stated, "As Americans continue struggling to make ends meet, it is clear that the Biden-Harris failed tax and spend policies remain the biggest impediment to economic prosperity for working families."

Arrington also noted a recent Conference Board report on consumer confidence, which he suggested reflects growing optimism about a potential second term for former President Trump. He remarked, "According to the Conference Board report, consumers clearly understand the stark difference between the economic policies and consequences of the two presidential candidates, and they trust President Trump over VP Harris to turn our economy around and give them a more hopeful financial future."

Criticism was directed at current administration policies, with claims that their spending habits have led to unsustainable fiscal conditions and contributed to high interest rates due to tightened monetary policy by the Federal Reserve. The Chairman highlighted his "Reverse the Curse" budget proposal as a means to boost economic growth through different strategies.

Further information from Chairman Arrington regarding economic indicators such as the Leading Economic Index (LEI) can be found through additional House Budget Committee resources.