WASHINGTON, DC — House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Producer Price Index showed wholesale prices rising by 6 percent, higher than expectations. America’s small businesses are being forced to pay more for goods, leading to higher prices for families:
“Small businesses, manufacturers, and farmers can’t catch a break, with wholesale prices rising 6 percent, and energy costs in particular rising 5 percent. President Biden’s State of the Union misled the American people about the strength of our economy and the roots of this crushing inflation, and now families trying to buy necessities are being forced to pay the price. The President has prolonged the worker shortage, recklessly fueled inflation forcing the Federal Reserve to raise interest rates, and attacked America’s energy supply – and to make matters worse, his State of the Union promised more welfare for the wealthy, more Green New Deal handouts, and higher taxes.
“The Ways and Means Committee is listening to small business owners and they are telling us that life is undeniably harder because of the destructive policies coming from President Biden and Washington Democrats. In West Virginia, we heard from small business owners who painted a very different picture of the state of the economy. To a person, they struggled with energy costs, not being able to get items shipped on time, paying higher prices for everything, and trouble finding workers. House Republicans will use our majority to put workers and small businesses front and center.”
In Their Own Words: West Virginia Workers and Small Business Owners
Listen to West Virginia small business owners testify at a Ways and Means hearing about the challenges of keeping a small business open:
- Ashley Bachman, mom of three and local restaurant owner: “Unfortunately, after COVID, we have been hit with another crisis. The crisis of rising costs of everything.“
- Tom Plaugher, VP of Operations of a West Virginia lumber company: “There are five critical problems that have materialized over the past two years that are poised to impact our industry once again in 2023.”
- Wylie McDade, Navy veteran and co-owner of a local distillery: “Much has changed in the past 2 years.”