Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 428,000 jobs in April. The unemployment rate remained unchanged at 3.6%. The labor force participation rate fell from 63.4% to 62.2%.
“Job growth is continuing – and should be continuing – as America gradually recovers from the pandemic. However, the real story is that Americans are feeling poorer as inflation accelerates. With the Federal Reserve raising interest rates and GDP shrinking, the worst inflation in four decades will eventually turn into stagflation. Small businesses are bearing the brunt of this economic mess, caused by President Biden’s record spending spree. According to the latest JCN Foundation Small Business IQ Poll, nearly 70% of small business owners think the Biden administration isn’t doing enough to combat inflation or supply chain problems. Eight in ten small business owners – including 77 percent of Democrat small business owners – support increasing domestic oil and gas production as a practical way to help tame inflation, but the administration refuses to do so. There’s a better way. JCN’s seven-figure ‘Great Opportunity Project’ is promoting the success of state-based free-market policies in contrast to the destructive policies coming out of Washington. During ‘National Small Business Week’ the urgency of a course correction from Washington is more striking than ever.”
This week, The Hill ran Mr. Ortiz’s op-ed, Specter of stagflation arrives for National Small Business Week. To read it, click here.
To learn more about the “Great Opportunity Project,” click here.