Washington, DC (December 9, 2022) — Today, the U.S. Bureau of Labor Statistics released its Producer Price Index (PPI) report showing that wholesale inflation increased 7.4% year-over-year in November.
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement:
“The cost of Bidenflation this holiday season is especially painful for small businesses, cutting into already slim profit margins. Many small businesses rely on Christmas season sales to make them profitable for the year, and historic input costs as a result of reckless spending by President Biden and Congressional Democrats are making this goal especially difficult to achieve. No wonder the majority of small business owners we polled are afraid economic circumstances will force them to shut down. Congressional Republicans must put an immediate end to this inflationary spending, starting by blocking Democrats’ year-end wish list that includes the re-establishment of the expanded child tax credit, which would cost $1.4 trillion and make today’s inflation even worse.”