Bidenflation Accelerates Due to the Biden Administration and Congressional Democrats’ Bad Policies
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the PCE Index released today, which showed inflation accelerated to 3.5% in August while core inflation rose by 3.9%:
“The Federal Reserve’s favorite inflation indicator accelerated last month, showing that Bidenflation continues to move in the wrong direction. The Biden Administration and Congressional Democrats are responsible for this stubbornly high and rising inflation due to their reckless spending that dilutes the dollar and anti-energy policy that drives up the price of gas and electricity. The 2023 federal deficit is projected to be $1.7 trillion, more than even during the Great Recession and a ridiculous number for an economy running at near full capacity. President Biden recently blocked off drilling for hundreds of millions of barrels of oil in Alaska, continuing his administration’s opposition to cheap, traditional energy. As a result, Americans continue to suffer under the weight of painful escalating prices.
“The Fed will react to this rising inflation with further interest rate increases, exacerbating the credit crunch facing small businesses. To slay Bidenflation and increase access to credit, Congress should pass legislation that advances the American Small Business Prosperity Plan, an eight-point policy playbook that puts small businesses in the driver’s seat of the American economy.”