Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to today’s announcement by the Bureau of Labor Statistics that Producer Price Inflation rose by 10 percent over the last year:
“American businesses are facing double-digit inflation on their inputs, burdening their already slim profit margins and forcing them to constantly raise prices just to remain profitable. According to Job Creators Network Foundation’s Small Business IQ (SBIQ) poll, inflation is by far the biggest problem facing job creators. Inflation burdens small businesses far more than big businesses because they lack the preferential purchasing agreements and economies of scale needed to somewhat offset these runaway costs.
This rapid increase in wholesale prices demonstrates that painful inflation shows no sign of slowing down. Democrats are desperately trying to claim that their bad policies are not responsible for today’s runaway inflation. But ordinary Americans and small business owners know the truth: This inflation tax is a direct consequence of President Biden and Congressional Democrats’ reckless spending, war on traditional energy, and unnecessary social programs. Democrats deserve to be held accountable. To address this stratospheric inflation, we demand that Biden reverse course on his failing energy policy and remove his regulations on domestic energy production that are responsible for sky-high oil and gas prices.”