Press ReleaseJuly 13, 2023

Wholesale Prices Have Risen Faster Than Wages Over President Biden’s Term

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the Producer Price Index released today, which showed wholesale prices rose by 0.1% over the last year and core wholesale prices rose by 2.6%:

“While Democrats and the media celebrate the long-overdue moderation of inflation numbers, it’s important to remember that over President Biden’s term, wholesale prices and consumer prices have risen faster than average wages. As a result, Americans have seen their real wages and living standards decline. Aggressive Federal Reserve rate hikes to lower historic inflation have significantly reduced access to credit for small businesses. According to JCNF’s latest SBIQ poll of small businesses, two-thirds are concerned that rising rates threaten their access to credit, preventing their ability to survive and thrive. Due to the Biden administration’s reckless spending, American small businesses face one crisis followed by the next.”