JCN: Elevated Producer Price Index Reflects Small Business Struggles in the Biden Economy

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on today’s producer price index, which rose by 2.7%, and core PPI, which rose by 3.6%:

“Persistently rising wholesale prices hurt small businesses, which tend to operate on tiny profit margins that inflation erodes. This ongoing inflation that’s creating so much pain among small businesses is a direct result of the Biden administration and Congressional Democrats’ reckless spending that has diluted the currency. While the mainstream media will promote this month’s reduction in PPI, they will ignore how inflation under Biden’s presidency is approximately 15%. For small businesses that can’t raise their prices, 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. Inflation’s impact on small businesses and ordinary Americans has put us the nation on the verge of a recession. To avoid years of painful stagflation, Congress must immediately end deficit spending and pursue pro-growth, pro-small business policies such as those offered by Job Creators Network’s American Small Business Prosperity Plan.”