Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Federal Reserve’s rate hike announcement today:
“The Federal Reserve has finally acted to raise interest rates in an attempt to slow the fastest inflation in 40 years. While increased borrowing costs will hurt small businesses and economic growth, reckless spending by the Biden Administration and Congressional Democrats has left the Fed with no other choice. Given how hot inflation is running, the Fed’s action today may be too little too late for many small businesses that have already been crushed by rising prices.
While Democrats’ inflationary policies have put the Fed in a difficult position, the Biden Administration can immediately act to slow rising prices by scrapping its spending plans and taking steps to dramatically boost federal oil production and transport. Biden should stop siding with the radical green left over small businesses and ordinary Americans and curtail inflation today.”