Press ReleaseSeptember 14, 2022

Job Creators Network on PPI Report: Inflation Remains Near 40-Year High

Washington, DC (September 14, 2022) – Today, the U.S. Bureau of Labor Statistics released the Producer Price Index report for August, showing an annual increase of 8.7%. Core inflation increased 0.4%, beating expectations.

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement:

“Today’s PPI report, coming on top of yesterday’s CPI report, is just the latest evidence that core inflation remains out of control. Core inflation, the Feds preferred measure, continues to beat out expectations and offer a truer look at the problem. As inflation persists, the Federal Reserve will continue raising interest rates, deepening the recession that has already started. Fifty-seven percent of small business owners say we’re already in a recession, according to the latest JCN Foundation Small Business IQ poll, and 54% say current economic conditions could force them to close. Meanwhile, Biden and Democrats are partying on the White House lawn. Sorry Joe, mission not accomplished. In Biden’s first year in office, year-over-year inflation went from 1% to 7%, and continues to remain at 40-year highs. President Biden’s illegal $1 trillion student loan bailout will further exacerbate inflation unless the bailout is stopped through the courts. The JCN Foundation’s Legal Action Fund is actively evaluating our legal options. We were the first small business advocacy group to sue the administration over the employer vaccine mandate and the first to file at the Supreme Court. We are committed to once again stand up for free enterprise in this newest example of the administration’s disruptive economic policies and abuse of power.”

Last week, The Hill published Mr. Ortiz’s op-ed, Biden’s student loan bailout treats hard-working Americans as chumps on Labor Day. To read it, click here. 

To learn more about JCN’s work against the student loan bailout, click here.