Chairman Arrington Statement on the 3.5% Inflation Rate for March, the Highest Level in Six Months
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for March showed that inflation increased by 3.5%, the highest level in six months.
“President Biden’s failed economic policies and congressional Democrats’ tax and spend agenda continue to devastate the American people. Inflation is at its highest level in six months, and Bidenflation isn’t going anywhere.
Families’ buying power continues to erode, with prices increasing by 18.9 percent since January 2021, consumer confidence in our economic future has waned, and America’s competitiveness in the global market has been diminished.
Enough is enough. We need to step back from the fiscal cliff and restore fiscal sanity in Washington by doing two simple things: cutting spending and growing the economy.”
Background:
Here’s what today's report shows:
- Topline inflation, as measured by CPI, grew at a rate of 3.5 percent year-over-year (March 2023 to March 2024), compared to 3.2 percent last month.
- The overall increase in inflation was driven by rising energy prices, particularly gasoline and electricity which increased by 1.7 and 0.9 percent last month, respectively.
- Clothing prices and transportation services saw the next highest increases at 0.7 and 1.5 percent, respectively.
- This is the highest reported inflation since September 2023.
- Since January 2021, prices have increased by 18.9 percent. This means that the average family of four is paying an additional $16,726 per year or $1,393 per month to purchase the same goods and services as in January 2021.
Consumer confidence is down :
- Last month, the Conference Board released its March report on the Consumer Confidence Index. The index aims to measure the optimism or pessimism of households with regard to their financial situation.
- The report found that consumers have become more pessimistic about future job opportunities and income prospects, with 18.2 percent expecting fewer jobs and 13.8 percent expecting their incomes to decrease in the short term.
Fiscal lay of the land:
Rising inflation exacerbates our looming economic crisis, which has been worsened by the Biden administration’s debt-driving policies.
As of April 10, 2024:
- The gross national debt is currently $34.61 trillion. This equates to:
- $103,839 per person in the U.S.
- $263,314 per household in the U.S.
- $478,508 per child in the U.S.
- When President Biden took office total gross debt was $27.75 trillion, meaning he has increased the national debt by $6.86 trillion. This equates to:
- $20,572 more debt per person in the U.S.
- $52,167 more debt per household in the U.S.
- $94,801 more debt per child in the U.S.
- The rate of debt accumulation during the Biden Administration has equaled:
- $571.38 billion in new debt per month
- $5.84 billion in new debt per day
- $243.35 million in new debt per hour
- $4.06 million in new debt per minute
- $67,596 in new debt per second
- The debt one year ago was $31.46 trillion, meaning that the debt has increased by $3.15 trillion over the past 12 months. The rate of increase since one year ago has equaled:
- $262.62 billion in new debt per month
- $8.63 billion in new debt per day
- $359.76 million in new debt per hour
- $6.0 million in new debt per minute
- $99,933 in new debt per second
