Washington, DC (April 13, 2022)— Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Bureau of Labor Statistics announcing that the producer price index increased to 11.2 percent over the last year.
“Small businesses are getting crushed by wholesale cost increases well into the double-digits. Unlike big businesses, they cannot just pass these costs on to their consumers in the form of price increases. Small employers’ customers are often price sensitive. Small businesses also don’t benefit from economies of scale and preferential purchasing agreements that can blunt the impact of inflation. As a result, small businesses are seeing their already slim profit margins disappear. This runaway inflation is a direct result of President Biden and Congressional Democrats’ reckless spending that has devalued the dollar. Russia is merely a scapegoat. Small businesses must support candidates this November who promise to rein in spending and inflation.”