Small businesses continue to rank inflation as the biggest problem facing their small business – remaining at the highest level since 1981– according to the NFIB Small Business Optimism Index for January.

Additionally, an alarming 61 percent of small business owners were forced to raise prices to keep up with inflation and supply chain costs – the highest number recorded since 1974 and only continuing to rise over the past 12 months with no end in sight. 

Almost half (47 percent) of small businesses reported job openings they were unable to fill, as President Biden’s policies continue to discourage Americans from reconnecting with work.

CLICK HERE to read the full survey.

KEY BACKGROUND:

• President Biden is causing serious damage to Main Street businesses struggling under crushing hiring challenges, inflation, and supply chain issues – economic optimism has plunged for both small businesses and families to the lowest levels in 50 years.
• Democrats have held back our jobs recovery by paying lavish unemployment bonuses, sending stimulus checks after the economy was already recovering, and creating “emergency” social programs without work requirements. President Biden is still over a million jobs short of his promises from the COVID stimulus.
• Inflation has wiped out three years of wage gains for workers and forced businesses to pass rising costs onto consumers to keep up. As Ways and Means Committee Republican Leader Rep. Kevin Brady (R-TX) has warned: “We have the makings of a wage-price spiral that is very tough to tame, and usually ends badly. No one wants to see that happen.”

READ: Small Business Owners Blast President Biden’s Mandates and Tax Increases