Job Creators Network Reacts to April CPI

Alfredo Ortiz, CEO of Job Creators Network, released the following statement on the April Consumer Price Index, which rose by 0.3% and 3.4% year over year. 

“On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20%. As a result, ordinary Americans face a cost-of-living crisis and declining living standards, with price increases outpacing wages. Many businesses don’t work in this inflationary environment. For instance, Red Lobster is shutting down and considering filing for bankruptcy. For every Red Lobster, there are dozens of small businesses that can’t make the new numbers work. At a certain price point, consumers refuse to pay for goods and services. 

“Exacerbating the small business pain is the ongoing credit crunch, as ongoing high inflation has forced the Federal Reserve to keep interest rates high. A new Federal Reserve study concludes that inflation is not the byproduct of corporate greed, with business markups remaining flat during this inflationary period. The real reason for runaway prices is the Biden administration and Congressional Democrats’ reckless government spending and anti-cheap energy policies. To finally bring inflation under control, and bring the American economy back, voters must elect policymakers this fall who will cut deficit spending and drill baby drill.”