Arrington: Biden’s Fiscal Policies Mean More Economic Pain For American Families
WASHINGTON – House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement upon news that Americans continue to suffer from increasing inflation. The Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of inflation, released this morning shows prices continue to climb and are now 5.4 percent higher than they were a year ago.
“Virtually every economic indicator we have seen over the last few weeks – from GDP, to the CBO Baseline, to the Consumer Price Index, to today’s Personal Consumption Expenditures (PCE) price index– shows that the reckless and wasteful spending by Washington Democrats is having disastrous effects on our economy and making it untenable for working Americans to make ends meet. This month’s PCE is the highest monthly increase since June of last year and the 3rd highest monthly increase in 15 years.
“Unfortunately, President Biden and his party’s failed economic policies of taxing, regulating, and spending are leading us deeper into a recession with no end in sight. House Republicans will not stand by and allow this Administration to destroy our economy, bankrupt our country, and spend us further into a national debt crisis. We will demand fiscal reforms that cut wasteful spending and spur economic growth.”