Lubbock Times

The Bureau of Economic Analysis (BEA) has released its report indicating that the Personal Consumption Expenditures (PCE) price index, a key measure of inflation for the Federal Reserve, increased by 2.3 percent over the past year in October.

House Budget Committee Chairman Jodey Arrington expressed his views on this data. "Spending-induced inflation killed the American Dream for many. We prevent an inflation resurgence and recession by cutting spending and unleashing economic growth," he stated. He further mentioned, "President Trump has the team and, most importantly, the political courage to do this – and it’s never been more important."

The report highlights that core PCE inflation, which excludes volatile food and energy prices, rose by 2.8 percent during the same period.

In addition to these figures, there is concern over the national debt which stands at $36.05 trillion. Since President Biden took office, there has been a reported increase of 20.2 percent in costs for goods and services. This rise means families are spending nearly $18,000 more annually to maintain their previous standard of living.

Casey B. Mulligan from the University of Chicago estimates that regulatory policies under this administration could cost families up to $47,000 over their lifetime.

The House Budget Committee remains focused on addressing what they describe as excessive spending by the current administration.