FIRST-TIME JOBLESS CLAIMS HIT 473,000 JOB CREATORS NETWORK REACTS

The Department of Labor revealed the number of first-time unemployment claims was 473,000 last week and the Producer Price Index rose 0.6% last month, double what economists were expecting.  The Labor Department report also showed the prices of good and services has increased at their fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago.

Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:

“Led by small businesses, our economy is poised for a boom – but we’re being held back by President Biden and the Democrats. The weak April jobs report was a direct result of the $1.9 trillion stimulus bill that kept unemployment benefits overly generous.  Now we’re facing a national worker shortage, with 8.1 million job openings – the most since records began two decades ago. This was entirely predictable, and JCN warned about it during the debate over the stimulus bill.  But we’re facing an additional threat, thanks to the Democrats’ spending spree: inflation. In April, core inflation rose at its fastest pace since 1981 – when President Reagan was trying to dig us out of the disastrous Carter Administration.  Again, JCN has been beating the drums about inflation since President Biden took office, warning that Biden could be Carter 2.0 with his terrifying tax-and-spend policies.  Incredibly, Biden is proposing an additional $4 trillion in spending – even with inflation starting to pick up speed.  Unless Biden backs off now, we will not only miss out on an economic boom, we might suffer our first period of stagflation in four decades.”

In March, RealClearPolitics published Mr. Ortiz’s op-ed, Biden’s Presidency Is the Modern Version of Jimmy Carter’s. To read it, click here.

In April, JCN released a backgrounder, “Biden and the Democrats’ War on Small Business.” The backgrounder summarizes the Democrats’ job-killing agenda in four areas: taxes, the minimum wage, lockdowns, and the PRO Act. To read it, click here.