Inflation Accelerates Proving the Inflation Fight is Far From Over
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the July Consumer Price Index, which rose by 3.2%, and Core CPI, which rose by 4.7%.
“Headline inflation is more than 50% higher than the Federal Reserve’s target rate and grew last month on a year-over-year basis compared to June. This accelerating inflation shows the inflation fight is far from over, no matter what Democrats and the media say. The Fed’s historic interest rate hikes have caused significant problems for small businesses and dramatically reduced their access to credit, but they haven’t been enough to overcome the Biden administration’s reckless spending and anti-energy policies responsible for persistent BIdenflation.
“Core inflation continues to rise faster than average wages, meaning American living standards are stagnant. Over the course of BIden’s term, inflation has increased by more than 16%, far faster than average wages. For some items, such as food, inflation is up 20% or more.
“Ongoing high inflation hits small businesses especially hard. According to JCNF’s latest SBIQ poll, inflation continues to be by far the largest concern among small businesses. It’s no wonder that our poll showed small business sentiment fell significantly last month. Bidenomics equals Bidenflation. JCN’s American Small Business Prosperity Plan would finally slay inflation by ending reckless government spending bidding up prices and turbocharging energy development needed to bring prices down.”