Bidenflation Continues to Burn Small Businesses
So-called “transitory” inflation reaches all time high at 8.3 percent
While you were tuned into the Ways and Means hearing on Democrats’ $3.5 trillion tax and spend agenda on Friday (here’s a summary of the commonsense amendments Democrats rejected on Day One and Day Two) you may have missed that prices on Main Street rose a record 8.3 percent – a new high.
You read that right.
There’s a lot that’s down – including job growth and wage growth. But the one thing that’s up (and continues to climb) is prices.
BOTTOM LINE: Democrats’ reckless $3.5 trillion spending plan that dangerously expands the welfare state while raising crippling taxes on working families and Main Street businesses is the last thing we need.
- Bidenflation is taxation. Higher prices are here to stay, with the cost of goods and services in August accelerating to the largest annual increase on record.
- Prices continue to climb with no end in sight. The price of food and goods rose by nearly 13 percent, with the price of beef rising by almost 60 percent and the price of gasoline rising by 75 percent. Producers pass these higher costs onto their consumers.
- Democrats’ War on Work is crushing Main Street. There are more than 10 million available jobs, and yet according to the NFIB, 50 percent of small business owners can’t fill their open positions.
- President Biden is failing on his jobs promises. The Bureau of Labor Statistics released its unemployment report for August showing only 235,000 jobs created, well short of expectations.