Job Creators Network Responds to February Consumer Price Index

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on February CPI, which rose by 0.4% (3.2% year over year), and Core CPI which rose by 0.4% (3.8% yoy):

“Inflation accelerated again last month, destroying the narrative that inflation is under control. Inflation remains elevated due to Democrats’ continued reckless spending, and President Biden’s budget released Monday shows Democrats have no intention to control spending needed to reduce price acceleration. In contrast to Biden’s claim that he’s reduced the deficit, Democrats under his leadership have entrenched near $2 trillion annual deficits when the economy is supposedly running at full capacity. Ordinary Americans and small businesses are paying the price in terms of far higher costs on everyday items. 

“Since inflation is rising faster than wages once again, living standards are also declining. This ongoing high inflation means that the Federal Reserve will likely have to delay interest rate cuts, making credit far more expensive and continuing the small business credit crunch. And today’s price increases are coming on top of the historic ones that have already occurred under Biden, exacerbating the cost-of-living increase felt by all Americans. The only inflation solution aside from a recession is to meaningfully cut government spending immediately.”