Press ReleaseMay 10, 2023

Consumer Price Index Shows Persistent Bidenflation Continues to Outpace Wages

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on today’s Consumer Price Index report, which showed inflation rose at 4.9% over the last year and core inflation rose by 5.5%:

“Runaway prices continue to outpace wages, making Americans and small businesses poorer. Core CPI growth exceeded estimates over the last year. For 25 consecutive months, real wages have declined as historic and persistent inflation continues. Over the course of Biden’s presidency, inflation has increased by more than 15%, making Americans on fixed incomes one-sixth poorer than when Biden took office. This Bidenflation is a direct result of the Biden Administration and Congressional Democrats’ reckless spending that has diluted the currency already in existence and bid up prices.

‚ÄúCongress and President Biden should agree to sensible legislation recently passed by the House of Representatives to reduce government spending and inflation that’s causing so much pain for ordinary Americans outside the Washington and media bubble. Meanwhile, the Federal Reserve’s painful interest rates to slow inflation are making access to credit more difficult and expensive for small businesses, threatening bank failures and a recession. According to JCN’s latest SBIQ poll, 59% of small businesses are concerned that bank failures/instability will negatively impact their business.”