Yet ‘another blow to ordinary Americans and small businesses’
Alfredo Ortiz, president and CEO of Job Creators Network (JCN), recently discussed the latest inflation figures from the U.S. Bureau of Labor Statistics and President Joe Biden’s role in the “crisis of runaway prices.” According to the latest report, the Consumer Price Index (CPI) surged by 0.6 percent in August, almost doubling the target rate set by the Federal Reserve, marking its most significant increase in 14 months.
The Biden administration’s ongoing pattern of “reckless spending and anti-energy policy” represents, in Ortiz’s view, “another Bidenomics blow to ordinary Americans and small businesses” grappling with persistently soaring prices. This comes after the Biden-Harris administration’s latest move to cancel oil and gas leases in the Artic National Wildlife Refuge (Artic Refuge), “preventing access to hundreds of millions of barrels of oil that could help bring prices down,” Ortiz said.
EJ Antoni, research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation, echoed Ortiz’s concerns and said, “the Biden administration can no longer drain the strategic petroleum reserve, there’s nothing left to hold down prices.” Under President Biden’s leadership, wages are struggling to keep pace with the rapid rise in prices, leading to a substantial reduction in purchasing power and a loss of more than $5,100 for the average American families. Antoni emphasized that the latest CPI translates to an annual inflation rate of 7.8 percent, indicating that prices could potentially double in less than a decade.
Read more about the ‘Crisis of Runaway Prices’ and the August inflation report at The Daily Signal.
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