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, we should listen. House Republicans are taking action to do just that with legislation to stop the reckless spending, let families keep more of their hard-earned dollars, and rein-in the regulatory overreach that leads to higher business costs and higher consumer prices."

Key Points:

  • The May Survey of Consumer Expectations report found that Americans expect inflation to practically remain unchanged a year from now.
  • Most troubling, taxpayers said financially they are worse off now than they were a year ago today, with 41.1 percent saying they are “somewhat worse off” or “much worse off” than they were this time last year.
  • Additionally, the report found that dreams of homeownership remains out of reach for millions, as median home price growth expectations increased for the fourth consecutive month from 2.5% in April to 2.6% in May, its highest peak since July 2022.

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