Inflation Stagnates: Doubts on Future Economic Growth Remain
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for May showed that inflation remained unchanged from April, with year-over-year inflation coming in at 3.3 percent. Since President Biden took office, prices have increased by a total of 19.3 percent.
Chairman Arrington on Today's Inflation Report:
Chairman Arrington released the following statement on today’s inflation report:
“The American people have suffered the consequences of Democrats’ runaway spending and Biden’s failed economic policies for far too long.
Falling workforce participation, worsening consumer confidence, and doubts about future economic growth all paint a bleak picture for our nation’s fiscal health. Under President Biden prices have risen almost 20 percent and inflation has proved painfully persistent making life for working Americans very difficult and unsustainable.
We must stop the unbridled spending and return to pro-growth polices to Reverse the Curse of a looming recession and debt crisis and get America back on a sustainable fiscal path.”
The Bottom Line:
Americans continue to feel the effects of Bidenomics on the economy. Since President Biden took office, prices have increased by a total of 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services.
- Consumer fears of a recession rose in May for the second consecutive month.
- The labor force participation rate dropped in May, drifting further from pandemic levels.
- The economy grew by just 1.3 percent in Q1 of 2024.
