Schnatter: “Small businesses can't afford to absorb these record-high costs for much longer”
Today, John Schnatter, the iconic founder of Papa John’s Pizza, issued the following statement in response to the Federal Reserve’s decision to increase the benchmark fed funds rate by 0.25% to combat the ongoing inflation crisis.
“After being pummeled by inflation for over a year, small businesses are now being forced to bear the brunt of yet another interest rate hike, which is being used to combat the inflation caused by reckless fiscal policies in Washington. Small businesses simply can't afford to absorb these record-high costs of commodities for much longer.
“It’s concerning to me that the Fed continues to ramp up rates with so much uncertainty in this economy. In the 1970s, the Fed slashed rates when prices were high and growth was slow. While we experienced modest growth in Q4, I fear that in the short term we could face the worst possible outcome: stagflation – an economy with high inflation and slow growth – which would further crush small businesses.
“Washington should rein in their out-of-control spending and promptly deliver tax and regulatory relief to small businesses before more of them fail.”
To book Mr. Schnatter for broadcast media interviews, please contact Parker Armstrong at armstrong@proactivecommunications.com.
To learn more about Papa John Schnatter, please visit papajohnschnatter.com.
“After being pummeled by inflation for over a year, small businesses are now being forced to bear the brunt of yet another interest rate hike, which is being used to combat the inflation caused by reckless fiscal policies in Washington. Small businesses simply can't afford to absorb these record-high costs of commodities for much longer.
“It’s concerning to me that the Fed continues to ramp up rates with so much uncertainty in this economy. In the 1970s, the Fed slashed rates when prices were high and growth was slow. While we experienced modest growth in Q4, I fear that in the short term we could face the worst possible outcome: stagflation – an economy with high inflation and slow growth – which would further crush small businesses.
“Washington should rein in their out-of-control spending and promptly deliver tax and regulatory relief to small businesses before more of them fail.”
To book Mr. Schnatter for broadcast media interviews, please contact Parker Armstrong at armstrong@proactivecommunications.com.
To learn more about Papa John Schnatter, please visit papajohnschnatter.com.
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