07/26/2024 | Press release | Distributed by Public on 07/26/2024 08:32
WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reportedthat the Personal Consumption Expenditures (PCE) price index was 2.5 percent for the month of June. Since the Biden-Harris Administration took office, prices have risen nearly 20 percent, with Americans paying nearly $17,000 more per year for the same goods and services.
Chairman Arrington's Statement on the PCE Report:
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on President Biden's 20 percent inflation tax:
"Today's report shows just how stubborn inflation is as a result of the Biden-Harris Administration's record spending and failed economic policies, which caused prices to climb nearly 20 percent.
This crushing inflation tax is costing American families nearly $17,000 more per year for the same goods and services, and the resulting high interest rates and rising house prices are locking millions out of the American dream of homeownership."
Background:
Year-over-year PCE inflation was 2.5 percent while core PCE inflation was 2.6 percent.
The gross national debt is currently $34.99 trillion. This equates to:
The debt one year ago was $32.59 trillion, meaning that the debt has increased by $2.4 trillion over the past 12 months. This rate of increase equates to:
More on the Economy from the House Budget Committee:
ReadChairman Arrington's statement on CPI year-over-year inflation for June HERE.
Read Chairman Arrington's statement on the unemployment rate rising to the highest level since November 2021 in June HERE.
ReadChairman Arrington's statement on consumer confidence weakening in June HERE.