Press ReleaseJuly 27, 2023

Job Creators Network Reacts to Second Quarter GDP Release

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to today’s Second Quarter advance estimate of GDP growth of 2.4%:

“While the President will take another victory lap on the headline number, small businesses are on the front lines feeling the direct consequence of the anti-small business policies that reduce economic opportunities and entrepreneurship. These include reckless spending that drives inflation, anti-energy regulations that increase gas and electricity costs, and the constant threat of tax increases. It’s very difficult for small businesses to survive, thrive, and create economic growth in this big government environment.

“The inflationary environment is especially difficult for small businesses.  According to JCNF’s monthly SBIQ poll of national small business owners, respondents overwhelmingly rate inflation as their biggest concern, and a majority have put a pause on hiring and wage increases.  Thanks to the Fed’s aggressive interest rate hikes inflation has finally moderated somewhat, but with interest rates at the highest level in 22 years small businesses aren’t out of the woods as they face a credit desert as a result.  The SBIQ further shows that two-thirds of small business owners are concerned that rising rates threaten their access to credit, preventing their ability to grown.”