After the Bureau of Labor Statistics released its September Producer Price Index (PPI) reporting that wholesale prices rose for businesses by 8.5 percent from the previous year, higher than expectations, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:
“Main Street businesses continue to struggle with higher prices and there’s no end in sight. Thanks to President Biden’s bungling of the economy, they will either cut jobs or pass costs on to consumers who are struggling to pay their bills in this cruel economy.
“With this wage-price spiral, it’s no wonder top job creators believe we haven’t hit peak inflation yet, and see a serious recession either underway or arriving in the next year. Local business optimism has collapsed amidst a crippling labor shortage.
“Inflation is now 2.5 times higher than the Federal Reserve’s target and every move by the President comes too late — and is likely to make it worse.”