As Local Biz Pays Higher Prices, Expect Higher Inflation & Worsening Recession
WASHINGTON, D.C. (Texas Insider Report) — “Main Street businesses continue to struggle with higher prices – and there's no end in sight," said Texas Cong. Kevin Brady, one of the House Republican's leading tax policy experts after the Bureau of Labor Statistics released its September "Producer Price Index" (PPI) reporting that wholesale prices rose a higher than expected 8.5% from the previous year.
"Thanks to President Biden’s bungling of the economy, businesses will either cut jobs or pass their increasing costs on to consumers who are already struggling to pay their bills in this cruel economy," said Brady (TX. Dist. 8,) who serves as Republicans's senior member of the tax-policy formulating House Ways & Means Committee, which he also chaired prior to Democrats taking control of the House."Local business optimism has collapsed amidst a crippling labor shortage.
“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.
"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,” Brady said.
