WASHINGTON – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Producer Price Index showed the largest single-month increase since June 2022:

“‘Bidenomics’ has become the source of so many problems for small businesses. In fact, those problems are getting worse – rising inflation, higher interest rates, and ‘Help Wanted’ signs in storefront windows in communities across the country. Republicans have a plan to give small businesses a fighting chance in the economy of uncertainty that was created by failed Democrat spending policies. The American Families and Jobs Act will help small businesses find the resources they need to expand, create jobs, and succeed while spending less time on outdated IRS mandates.”

READ: Smith Introduces the American Families and Jobs Act to Cut Taxes for Working Families, Grow Main Street Businesses, and Protect American Innovation & Competitiveness

According to the NFIB’s National Small Business Optimism Index, small businesses still view inflation as their largest problem

• 23 percent view inflation as their largest challenge.
• 40 percent have job openings they can’t fill.
• 37 percent more small businesses expect the economy to get worse than better in the next six months.