Nearly two months after President Joe Biden signed the so-called Inflation Reduction Act into law, the U.S. Bureau of Labor Statistics released Consumer Price Index (CPI) data showing core inflation rose 6.6% year-over-year — a new 40-year high. The economic agony crushing millions of working Americans and small business owners is a pain Biden “inflicted,” says Alfredo Ortiz, president and CEO of Job Creators Network.
“President Biden’s policies have led to the fastest core inflation in 40 years, significantly reducing Americans’ purchasing power and living standards. Rather than meet the urgency of this ongoing inflation crisis that is by far the biggest problem the country faces, Biden is at a fundraiser in Los Angeles today with his Hollywood pals to celebrate his inflationary actions,” Ortiz said in a statement.
“Tone-deaf doesn’t even begin to describe this president. He obviously can’t hear or chooses to ignore the acute inflation pain he’s inflicted on small businesses and ordinary Americans.”
The U.S. Bureau of Labor Statistics CPI report also showed inflation increased 8.2% year-over-year in September.
“This CPI number, high as it is, might seem bad, but there’s even worse news when you dig into the data. The number we see for September benefits from a decrease in the energy index. This won’t last for long, though,” Ortiz warned. “As winter approaches and fuel demand increases, Americans can add heat to the list of basic necessities that have become gut-wrenching financial decisions under Biden’s administration, alongside food and shelter. Biden is cementing himself as a complete failure, worse than even Jimmy Carter. Biden was handed an economy in recovery, all he had to do was get out of the way. Instead, he’s spent massive amounts of money trying to build a pitiful legacy and created an inflation crisis along the way. The recession is his true legacy.
“If there’s anything Americans will be thinking of come midterms, it will be the economy. This week JCN set out on our Great Opportunity Project bus tour to champion the needs of small businesses and build support for our ‘American Small Business Prosperity Plan,’ a roadmap for the next Congress to fix the broken economy. Biden took a recovery in progress and squandered it with big government spending for programs that don’t even work. Now he’s trying to pretend he’s a president of recovery, but that couldn’t be further from the truth. If there’s one thing that Americans can remember about Biden, it’s his knack for compounding incompetence.”
The Job Creators Network (JCN) is one of America’s largest small business advocacy groups, is spearheading the Great Opportunity Project bus tour, has released the American Small Business Prosperity Plan, and
has filed a lawsuit against the Biden administration’s student loan bailout.
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