Job Creators Network Reacts to High June Inflation Number; Calls on Biden to Rein in Spending and Money Printing
Washington, D.C. (July 13, 2021) – Today, the Labor Department released June inflation numbers showing that the consumer price index increased 5.4 percent from a year ago, the highest 12-month rate since August 2008.
“June’s high inflation number reflects, but does not fully capture, the pain being felt by so many American consumers on fixed incomes as they see prices for the goods and services they rely on continue to rise. Small businesses are being forced to raise their prices just to maintain their margins, alienating many customers. Rising prices are the chickens of President Biden’s historic deficit spending and money printing coming home to roost. Inflation is Biden’s tax on the middle class and those on fixed incomes who can least afford it.
High and persistent inflation should put a nail in the coffin of Biden’s big government spending plans, which risk overheating the economy even more — as liberal economists like Larry Summers have warned. Biden’s Federal Reserve must also significantly taper its massive monthly asset purchases, which are devaluing the existing dollars that Americans already hold, spurring inflation. Unless Biden acts to reign in spending and money printing, high and persistent inflation threatens to derail the vaccine-induced economic recovery.”
Alfredo Ortiz and economist Stephen Moore recently published an op-ed in the Chicago Tribune arguing that high inflation should spike Biden’s big spending plans. Read it HERE.