Inflation Update: Chairman Arrington Statement on July CPI Report
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the Consumer Price Index (CPI) report for July, which showed year-over-year inflation at 2.9 percent. Since President Biden and Vice President Harris took office, prices have increased by a total of 19.4 percent.
Chairman Arrington on Today's Inflation Report:
Chairman Arrington released the following statement on today’s inflation report:
"Despite a small improvement in the rate of price increases, the damage from the Biden-Harris Administration’s philosophy of “tax it, regulate it, and spend it” is done and continues to plague the economy. Considering this past week’s financial market scare, a weak jobs report, a 23-year high in interest rates, and an almost 20% cost of living increase, it's hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda."
The Bottom Line:
Americans continue to struggle under the weight of Kamalanomics. The average family of four is paying over $17,000 more per year to purchase the same goods and services. The Biden-Harris Administration’s record spending has added unsustainable amounts to the deficit, now over $35 trillion.
More from the House Budget Committee:
Read Chairman Arrington’s statement on last week’s drop in financial markets HERE.
Read Chairman Arrington’s statement on the Federal Reserve leaving interest rates unchanged HERE.
Read how the July jobs report showed unemployment rose for the fourth consecutive month HERE.
