Press Releases
Currently showing results related to Economy
Americans' Incomes Fall for Second Year during the Biden Administration
Due to President Biden’s reckless spending and failed economic policies, real median household income has declined for the third year in a row as reported by the U.S. Census Bureau. The Details: Real Median Household Income declined last year, falling from $76,330 to $74,580 in 2022-dollar terms. To put this in perspective, we haven’t seen this level of decline since the Great Recession of 2008. Specifically, the report finds: Real median earnings declined by 2.2 percent over the same … Continue Reading
September 01, 2023
Chairman Arrington on August Jobs Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Bureau of Labor Statistics released its jobs report for August 2023, which showed unemployment rise to 3.8% and a downward revision in jobs over the last few months:"America’s families and small businesses are still feeling the squeeze of Washington’s reckless tax-and-spend policies. Prices are going up, the cost of doing business is going up, and it’s becoming more expensive for companies to … Continue Reading
August 16, 2023
Chairman Arrington on Anniversary of the Democrats' ‘Deficit Production Act’
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the anniversary of the Inflation Reduction Act: “Happy anniversary to the wealthy EV owners, green energy corporations with over $1 billion in profit, and the Chinese who are making tens of billions from supplying critical minerals to the U.S.--compliments of the hard-working, taxpaying Americans who can’t even afford gas or groceries for their families."Background: The IRA's … Continue Reading
August 11, 2023
A Deeper Dive into the Latest Inflation Report
The Bureau of Labor Statistics yesterday released their July 2023 Consumer Price Index report. The topline consumer price-index (CPI) clocked in at 3.2% year-over-year (and 3.3% when seasonally adjusted). But core CPI—what the Federal Reserve’s prefers over topline CPI because it excludes the volatile food and energy categories—came it at 4.7%. Both these inflation measures are well above the Fed’s long-run target rate of 2%. According to … Continue Reading
August 10, 2023
Chairman Arrington Statement on Bidenflation’s Slow Decline
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Labor Department released its July Consumer Price Index report: “Sluggish growth and stubborn inflation continue to persist as a result of Democrats’ spending spree and Biden’s failed economic policies. This month’s inflation report shows that, in spite of the aggressive interest rate hikes, core inflation is high, sticking close to 5%. Since Biden … Continue Reading
August 08, 2023
CBO July Report Casts a Bleak Fiscal Forecast
Each month, the Congressional Budget Office (CBO) issues Congress’ monthly fiscal report card by cataloging recent federal spending and revenues; signaling to the American people what those updated totals mean for our nation’s subsequent economic health. Today, CBO released its Monthly Budget Review for July 2023. Key Takeaway: In the first 10 months of FY 2023 the deficit has amounted to a staggering $1.6 trillion. This is $954 billion … Continue Reading
July 26, 2023
Chairman Arrington on Fed Decision to Hike Interest Rates
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Federal Reserve announced its plan to increase interest rates by a quarter percentage point, bringing rates to the highest level in 22 years.“Unbridled Democrat spending not only raised our national debt by a record $6T, but it created a cost-of-living crisis for working families. Since President Biden took office, prices for consumers are up 15.7 percent.“As a result of Democrat-caused … Continue Reading
July 25, 2023
It’s Simple: Democrats are focused on Spending. Republicans are focused on Growth.
California is on the cusp of a “borrowing bonanza,” according to a recent article by Politico. Gavin Newsom and Democratic lawmakers in the state are wanting to borrow billions of dollars on the backs of over-taxed Californians to fund a massive expansion of Newsom’s liberal agenda. Worst yet: legislative leaders are asking an economically anxious electorate to make this spending spree a reality. The Details: Current proposals made by … Continue Reading
July 12, 2023
Congressional Budget Act Turns 49
In 1974, Congress took a bold step in the way Washington manages its budget. The Congressional Budget and Impoundment Control Act (often referred to as the Congressional Budget Act, or “the CBA”), was landmark law that birthed not just our Committee, but also the Senate Budget Committee and the Congressional Budget Office. The CBA restored the power of the purse back into the hands of the people’s representatives. Congress recognized that the way Washington spends was … Continue Reading
July 11, 2023
CBO Reports $1.4 Trillion Deficit in First Nine Months of FY2023 Under Biden’s Watch
$1.4 trillion. That is how high the federal deficit is under President Biden’s watch in the first nine months of Fiscal Year 2023 alone, according to a new report released today by the nonpartisan Congressional Budget Office. This striking number is $875 billion (or 170 percent) higher than the same point last year. In just nine months, the Fiscal Year 2023 deficit already exceeds last year’s full year deficit. Reckless Sending is the Culprit: Per CBO, spending is … Continue Reading
July 07, 2023
Three Troubling Signs in Latest Jobs Report
The Bureau of Labor Statistics (BLS) today released their jobs report for June, showing that the unemployment rate stayed unchanged at 3.6 percent, with the economy adding just 209,000 jobs last month. The data shows that the “labor market cooled” in June, according to CNN. Under the surface, there are three other troubling signs in this report. Part-Time Workers Increased Sharply. BLS said that the “number of persons employed part time for … Continue Reading
June 28, 2023
Experts Pan Bidenomics
President Biden spoke in Chicago today outlining the so-called successes of “Bidenomics.” The President and his team have sent memos to Democrats trying to cultivate a winning message centered on false, misleading, and inaccurate claims about his Administration’s economic agenda. This comes the same week where a new poll finds that “only one in three U.S. adults approve” of Biden’s handling of the economy, according to the Associated Press. House Budget … Continue Reading
June 27, 2023
Latinos Aren’t Sold on Bidenomics
Latinos are raising serious concerns about Biden’s failed economic policies. According to a new story released today by The Messenger, progressive pollsters are warning the White House that Latino workers in the Southwest are sounding the alarm on President Biden’s lackluster economic performance. “The economy is the most important thing” to Latinos said Tory Gavito, president of the liberal group “Way to Win”. “There’s no single, easily … Continue Reading
June 26, 2023
FACT CHECK: Setting the Record Straight on Bidenomics
This week, the White House circulated a slide deck to Hill Democrats riddled with inaccuracies, false statements, and misleading information about Biden’s record on the economy. Let’s set the record straight. BIDEN CLAIM: “President Biden and Congressional Democrats’ plan to grow the economy from the bottom up and middle out, not the top down, is delivering for the American people. President Biden and Congressional Democrats have worked together to grow the economy and … Continue Reading
June 22, 2023
Chairman Arrington Delivers Opening Statement at Hearing on Growth and Taxes
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following remarks at a hearing entitled, "Reigniting American Growth and Prosperity: Incentivising Economic Excellence Through Tax Policy." "This hearing is the second in a series on growth entitled, 'Incentivising Economic Excellence Through Tax Policy.'"Economic growth and prosperity, I believe, is the tide that lifts all boats with more and better jobs, higher wages and income, lower unemployment, lower … Continue Reading
June 13, 2023
Chairman Arrington: Despite Topline Inflation Slowing, Core Inflation Remains Near Peak Levels
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Bureau of Labor Statistics released its consumer price index report for May: “While the topline inflation number has finally started to decline, core inflation remains near its peak levels. Slow progress this far after the pandemic’s peak is unacceptable, and Americans expect to feel the sting of inflation for months to come. House Republicans are going to continue to hold … Continue Reading
June 12, 2023
Chairman Arrington: Americans’ Outlook on Biden’s Inflation Crisis Remains Dim
WASHINGTON—Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the New York Federal Reserve’s May Survey of Consumer Expectations: “This report, once again, shows that Americans don’t trust this President to get us out of his inflation crisis. When workers tell Washington they don’t see the economic tides shifting anytime soon and that their finances are deteriorating under the scourge of high prices, … Continue Reading
June 07, 2023
Biden’s Budget Report Card: A Failing Record
With the summer approaching, it’s time to look back and grade President Biden’s budget and economic performance thus far as he enters the next half of his term's junior year. When reconciling the differences between GDP and GDI, we experienced negative growth in four of the last five quarters. Even Obama’s chief economist sees a recession on the horizon. Biden’s policies are projected to cause the slowest economic growth in almost a century. President … Continue Reading
June 02, 2023
Fact Check: Biden Misleads on Job “Creation” Statistics
The May jobs report showed alarming signs in the labor market. The household survey data—the part of the jobs report data that looks directly at American workers—showed that 440,000 more Americans became unemployed, a sign that the labor market may be beginning to deteriorate in the face of raging inflation and sky-rocketing interest rates.President Biden released a statement in response to the May jobs figures praising his Administration’s so-called job creation numbers. … Continue Reading
May 30, 2023
Chairman Arrington on the Fiscal Responsibility Act
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the Fiscal Responsibility Act, which would restore fiscal sanity in our nation and hold Washington accountable."It took two decades of fiscal irresponsibility to put our country in this financial mess and we shouldn’t expect to get out of it with just one legislative deal."The Fiscal Responsibility Act takes an important step to getting our nation’s fiscal house in order by … Continue Reading
