Chairman Arrington’s Statement on September Consumer Confidence Report

TL/DR –

The Consumer Confidence Index for September 2024 has shown a sharp decline to 98.7 from an upwardly revised 105.6 in August, marking the largest drop since August 2021. The Conference Board report indicates that American consumers worry about their financial futures, with less than 20% expecting income growth. This decline is attributed to rising costs of goods and services, increased unemployment levels, and unchecked spending by the Biden-Harris administration.

Consumer Confidence Plummets in September 2024

WASHINGTON, D.C. – The Conference Board’s Consumer Confidence Index report for September 2024 reveals a significant drop to 98.7 from 105.6 in August. This sharp decline, the largest since August 2021, reflects American consumers’ increased financial anxieties.

Chairman Arrington’s Position on Consumer Confidence

House Budget Committee Chairman Jodey Arrington (R-TX) expressed his views on the issue, stating, “Despite the expected rate reduction, American consumers remain skeptical about their financial stability. The consumer sentiment drop is the largest we’ve seen since August 2021.”

Arrington attributed economic struggles and a general lack of optimism about income growth to the Biden-Harris administration’s spending policy. “Less than 20 percent of American consumers expect their incomes to rise,” Arrington noted. “American consumers are grappling with an unemployment spike, potential recession threats, and escalating cost of living.”

Understanding the Decline

Latest data from the University of Michigan indicate that a record number of consumers anticipate no real income growth in the next five years. The cost of goods and services has soared almost 20 percent since the Biden-Harris administration took office.

Families are spending over $17,000 more annually to maintain their pre-administration standard of living, emphasising the country’s poor financial outlook. Unregulated spending and excessive regulation have hampered American businesses.

House Budget Committee’s Response

The House Budget Committee pledges to counteract the Biden-Harris administration’s fiscal mismanagement. The committee will aim to restore the consumer confidence level, which peaked at 137.9 in October 2018.

Further Insights from the House Budget Committee

Find Chairman Arrington’s comments on the Federal Reserve interest rate cut HERE, his take on the Democrats’ ‘Inflation Reduction Act’ HERE, and his remarks on BLS’s revised employment data HERE.

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