Job Creators Network, one of the nation’s largest pro-jobs grassroots organizations, declared on Friday that the U.S. economy’s growth of 2.1 percent from April through June is the latest reason why “the Federal Reserve to cut interest rates at next week’s meeting.”
“While the national economy remains strong under President Trump’s pro-growth policies, the best way to keep momentum going – and to accelerate growth – is through lower rates. JCN has consistently advocated for lower rates, and strongly opposed the rate hikes that took effect late last year, calling them a mistake,” the organization said in a press release. “Small businesses rely on low rates to grow, expand, and create jobs. With small businesses creating two out of three new jobs, lower rates will benefit our small businesses significantly, and our country as a whole.”
Consumer spending expanded at a 4.3 percent rate, Breitbart economy editor John Carney noted. “The U.S. economy has officially entered the longest expansion in its history, with GDP rising for 121 consecutive months,” Carney reports.
Last November, Federal Reserve Chair Jerome Powell shifted his earlier position on rates and signaled that the Fed would seriously reconsider raising rates. In response, Job Creators Network President and CEO Alfredo Ortiz urged Powell to cancel the Fed’s interest rate hike. The Federal Reserve raised rates a quarter point to 2.5 percent on December 19, 2018.
Job Creators Network also went after Democrats over their push for to expand $15 hour minimum wage.
“We also need Democrats to turn back the clock on their far-left policies, which include the $15 minimum wage the House passed last week,” the group said. “When the House advances job-killing policies, such as the $15 minimum wage, it alarms job creators who look for clues on our economic future when it comes to hiring decisions.”