American Families Still Reeling from the Biden-Harris Administration’s 20 Percent Inflation Tax
WASHINGTON, D.C. – Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index was 2.5 percent for the month of June. Since the Biden-Harris Administration took office, prices have risen nearly 20 percent, with Americans paying nearly $17,000 more per year for the same goods and services.
Chairman Arrington's Statement on the PCE Report:
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on President Biden’s 20 percent inflation tax:
"Today's report shows just how stubborn inflation is as a result of the Biden-Harris Administration's record spending and failed economic policies, which caused prices to climb nearly 20 percent.
This crushing inflation tax is costing American families nearly $17,000 more per year for the same goods and services, and the resulting high interest rates and rising house prices are locking millions out of the American dream of homeownership."
Background:
Year-over-year PCE inflation was 2.5 percent while core PCE inflation was 2.6 percent.
The gross national debt is currently $34.99 trillion. This equates to:
- $104,469 per person
- $266,203 per household
- $483,758 per child
The debt one year ago was $32.59 trillion, meaning that the debt has increased by $2.4 trillion over the past 12 months. This rate of increase equates to:
- $200 billion in new debt per month
- $6.6 billion in new debt per day
- $273 million in new debt per hour
- $4.6 million in new debt per minute
- $75,950 in new debt per second
More on the Economy from the House Budget Committee:
Read Chairman Arrington’s statement on CPI year-over-year inflation for June HERE.
Read Chairman Arrington’s statement on the unemployment rate rising to the highest level since November 2021 in June HERE.
Read Chairman Arrington’s statement on consumer confidence weakening in June HERE.
