After the Bureau of Labor Statistics released its October Producer Price Index (PPI) reporting that wholesale prices rose for businesses rose by 8 percent from the previous year, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:

“So much for a joyous holiday season for small business owners, prices rise 8 percent from the previous year on the goods they’re selling to gift-shopping customers. Facing a labor shortage and bracing for a recession, a recent survey found that nearly a third of Main Street businesses have fallen behind on their rent.

“Worse yet, with a recession on the horizon, American families are bracing for their paychecks to continue shrinking.

“The Washington Post awarded President Biden a ‘bottomless Pinocchio,’ yet the President is committed to his failed economic policies – which will only exacerbate Americans’ suffering in this cruel economy.”