Press ReleaseJuly 28, 2023

Job Creators Network Reacts to June PCE Report

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to today’s release of the Personal Consumption Expenditures index, which grew by 3.0% in June, year over year, and Core PCE, which grew by 4.1%, year over year%:

“Inflation continues to grow faster than the Federal Reserve’s target rate, hurting ordinary Americans and small businesses struggling to keep up. Over the course of President Biden’s term, inflation has meaningfully outpaced wage growth, reducing Americans’ living standards. This Bidenflation is a result of Democrats’ ongoing reckless spending that has bid up prices and diluted the currency already in existence. This ongoing high inflation threatens even more Fed interest rate hikes, further reducing access to credit needed by small businesses. While inflation is moderating due to the Fed’s aggressive actions, small businesses and ordinary Americans now face a credit crunch. Under the Biden economy, small businesses face one crisis followed by the next.”