Chairman Arrington on the Drop in Financial Markets and the Fiscal Decline of the Biden-Harris Administration’s Economy
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the drop in financial markets and the fiscal decline of the Biden-Harris Administration’s economy.
Chairman Arrington on Fiscal Decline:
“The Biden-Harris Administration built this economy out of sticks and straw, and now we are seeing it buckle and break. First, they gave us unbridled spending; next was a barrage of taxes and regulations on American businesses. This led to the highest interest rate increase in a quarter of a century and created a cost-of-living crisis that is crushing working families.
How’s that working out? Prices are up nearly 20 percent, unemployment is rising, consumer confidence is down, and now financial markets are in a tailspin. Someone please take the matches away from the children before they burn the entire house down.”
Background:
Under the Biden-Harris Administration, unchecked spending and suffocating regulatory economic policies have worsened the U.S. federal government’s debt and deficit situation.
Since President Biden and Vice President Harris took office, prices have risen nearly 20 percent. This has forced families to spend nearly $17,000 more annually just to maintain the same standard of living they enjoyed in January 2021.
Some additional alarming developments among economic indicators under the Biden-Harris Administration are:
- Last week, the Bureau of Labor Statistics (BLS) released its jobs report for July 2024 where only 114,000 new jobs were created, 65,000 less than were created in June and well below the consensus forecast.
- The unemployment rate rose for the fourth consecutive month in July. It now stands at 4.3 percent, the highest level since October 2021.
- Jobs gains in May and June were revised down, 2,000 and 27,000, respectively, lowering job gains in May to 216,000 and gains in June to 179,000.
- While the labor force participation rate increased to 62.7 percent compared to 62.6 percent in June, it is still well below the pre-pandemic level of 63.3 percent.
- In July, the Conference Board’s assessment of ‘Family’s Current Financial Situation’ worsened. This is the sixth consecutive month where consumer confidence has been below the threshold which usually signals a recession ahead.
- Last week, our national debt surpassed $35 trillion. This equates to:
- $104,497 per person
- $266,275 per household
- $483,889 per child
- One year ago the national debt totaled $32.59 trillion. This means the debt has increased by $2.47 trillion over the past 12 months. This rate of increase equates to:
- $206 billion in new debt per month
- $6.8 billion in new debt per day
- $282 million in new debt per hour
- $4.7 million in new debt per minute
- $78,381 in new debt per second
More from the House Budget Committee:
Read Chairman Arrington’s statement on the U.S. national debt surpassing $35 trillion HERE.
Read Chairman Arrington’s statement on consumer pessimism about their current economic standing in July HERE.
Read Chairman Arrington’s statement on the Federal Reserve not lowering interest rates in July HERE.
