Job Creators Network Reacts to Elevated PCE Reading

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the March PCE index, which rose by 4.2% with a core reading of 4.6%:

“Today’s elevated PCE index combined with this week’s low GDP reading suggests the economy is reentering stagflation. Core inflation remains nearly 2.5 times higher than the Federal Reserve’s target rate. The persistently high inflation and anemic growth are a direct result of bad policies taken by Congressional Democrats and President Biden, including reckless spending, tax increases, and overregulation. To lower inflation and boost economic growth, the Senate and President Biden should pass House legislation passed this week to rein in spending, deregulate, and unleash American energy reserves. Doing so would provide long overdue help to ordinary Americans and small businesses who are the biggest victims of Biden’s bad economy.”