05/02/2024 | Press release | Distributed by Public on 05/02/2024 15:17
The worse-than-expectedeconomicindicators for the first quarter of 2024 sent shockwaves through the economy and for consumers, shattering widespread hope for an imminent cutto interest rates, previously teased by Federal Reserve Chair, Jerome Powell.
The Winston Group (WG), a strategic planning and survey research firm, issued their findings from a survey that revealed "60% of respondents now believe inflation is worsening," a sharp increase from just a few months ago.
Here is what Chairman Arrington said yesterday in response to the Federal Open Market Committee(FOMC) - the Federal Reserve's (Fed) committee of key decision-makers - announcement that there will be no change to interest rates in the near future:
"Democrats and President Biden have made history for all the wrong reasons: record $7 trillion in additional debt, a record number of regulations by a President, and 40-year high inflation. It's no wonder GDP growth is stalling, consumer confidence is faltering, and the Federal Reserve won't be dropping interest rates anytime soon, which will only perpetuate the cost-of-living crisis and put the American Dream of home ownership farther out of reach for hardworking families than ever before."
Word on the Street:
Via WG:
The Bottom Line:
Americans deserve an economy they can depend on.
The Winston Group's findings follow a series of worse-than-expected economic outlooks for the first quarter (Q1) of 2024. Persistent inflation, and the costly consequence of stubbornly high interest rates, confirms that the U.S. economy will remain top of mind for the U.S. taxpayer for the foreseeable future.
The multi-year economic fall-out from President Biden's and Congressional Democrats' poorly implemented fiscal policies has yielded the harsh, but expected, reality that inflation is still increasing - spiking to 3.5% in March 2024, the highest level in six months - and resulted in federal funds rate stubbornly remainingbetween 5.25%-5.50% since July 2023, the highest level in more than two decades.
Despite fervent efforts by the Biden Administration to explain away the economic outlook in their favor, WG's findings capture a shifting tide of public opinion, showing voters increasingly skeptical of the Biden Administration's ability to curb inflation.
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