Historic Inflation Worsening Biden Pay Cut and American Living Standards

Washington, DC – Today, the Bureau of Labor Statistics announced that the Consumer Price Index rose by 7 percent over the last year, a 40-year high. Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement:

“Historic inflation is far outpacing wage growth, reducing Americans’ real take-home pay. As a result of this Biden pay cut, American living standards are falling under this Administration — something the media refuses to point out. Today’s inflation may actually be higher than 40 years ago when methodological changes are accounted for, meaning Biden’s inflation is on par with President Carter’s. Democrats must immediately stop all reckless spending, and the Federal Reserve must immediately end its easy money policy to stop the continued erosion of the dollar and the worsening of Americans’ living standards.”