Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the White House’s Inflation Reduction Act victory lap today:
“President Biden, Nancy Pelosi, and Chuck Schumer have the nerve to take a victory lap on the Inflation Reduction Act today on the same day that inflation increased and the market fell by almost 1,300 points. Today’s data showing that inflation increased last month and core inflation increased twice as fast as expectations confirms that Biden has no control over inflation. Biden’s policies from Day 1, especially his attack on the domestic energy market, have led to spiraling costs for American consumers. Food inflation is the highest it’s been since Jimmy Carter. Now Biden wants to add another trillion in reckless spending for the student loan bailout which will push prices even higher.
“The IRA will make things worse. It increases taxes on small businesses and will be mostly paid for by Americans earning less than $400,000 per year as corporations are forced to pass along higher costs to everyday consumers. Historic inflation is reducing real wages and living standards and is causing the stock market to decline due to the specter of increasing Federal Reserve interest rates. As a result, American savings accounts and 401(k)s are cratering. Biden’s policies are responsible for this one-two punch of higher costs and smaller savings hitting ordinary Americans. Biden and Congressional Democrats should be apologizing for the IRA, not bragging about it.”