CPI Report Marks Two-Year Anniversary of Declining Real Wages
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on today’s March Consumer Price Index report:
“Today’s CPI report marks the two-year anniversary of declining real wages for ordinary American workers as a result of ongoing historic inflation. This sad anniversary is the result of President Biden and Congressional Democrats’ reckless spending that has diluted the value of the currency already in existence. The two-year decline in living standards for ordinary Americans proves once and for all that Democrats are America’s anti-worker party. Their easy fiscal and monetary policy, known as Modern Monetary Theory, has been wholly discredited by this prolonged erosion of the dollar’s value.
“While the mainstream media will promote this month’s reduction in CPI, they will ignore how inflation under Biden’s presidency is approximately 15%. For those on fixed incomes, they are one-sixth poorer today than when Biden took office. And the worst may be yet to come. Due to Biden’s reckless policies, nations across the globe are rapidly replacing the dollar as their trading currency. If the dollar loses its status as the world’s reserve currency, it will rapidly plummet in value. This would turn today’s high inflation hyper. Biden and Democrats’ policies are on the cusp of plunging the nation into prolonged stagflation.”