Press ReleaseJuly 26, 2023

Job Creators Network Reacts to Federal Reserve Rate Hike

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Federal Reserve’s decision to raise interest rates by 25 basis points:

“The Fed’s decision to raise interest rates to their highest level in 22 years is a direct response to the historic and prolonged inflation caused by President Biden’s and Congressional Democrats’ reckless spending. While Bidenflation is finally moderating due to the Fed’s aggressive actions, rising interest rates are causing significant economic pain by reducing access to credit for small businesses and ordinary Americans. Rising interest rates are particularly painful for community banks, which provide 60% of all small business loans. Lack of credit now threatens the overall economy, which is at risk of falling back into recession. The responsibility for the ensuing economic fallout lies with Biden and Democrats, not the Fed.”