Job Creators Network Reacts to Federal Reserve Interest Rate Cut

Alfredo Ortiz, CEO of Job Creators Network, released the following statement on the Federal Reserve’s 50 basis point interest rate cut today:

“The Federal Reserve’s 50 basis point rate cut is an admission that the Biden-Harris economy is failing and urgently needs support. That’s clear when you examine the contracting labor market, record high credit card debt and record-low savings rate. Even with the Fed’s help, the economy can’t survive another four years of Harris’s economic policies.

“The Fed is also breaking with tradition and significantly cutting rates just before an election, helping Harris hide the weak economy she’s responsible for. This rate cut may be premature given that inflation is still above the 2% target after a 20% increase under the Biden-Harris administration. Americans facing a cost-of-living crisis need further price hikes to decline as fast as possible.

“Inflationary spending and anti-energy policies by the Biden-Harris administration have put the Federal Reserve and the American economy between a rock and a hard place, with no easy solutions. A conservative Congress and President can help by cutting reckless spending, allowing the Fed to cut rates in the future without fear of reigniting rapidly rising prices.”