Small business say Bidenflation leaves them no option but to raise prices, a recent survey by the National Federation of Independent Businesses (NFIB) finds.
Small business optimism hit record lows this month. Amidst 40-year high inflation and worries about even more inflation pain ahead, business owners, economists, and American families are growing increasingly worried that the U.S. economy is heading toward a recession.
- 60 percent of small business owners report inflation is having a substantial impact on business.
- Small business owners report that raising prices is the main action they’re taking to respond to inflation.
- In fact, 86 percent of small business owners are passing higher costs onto consumers by increasing the price of their goods or services.
- And with inflation still going up, 68 percent of small business owners plan to raise prices even higher within the next three months.
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- American families are falling behind: The latest CPI report showed that prices are going up three times fasterthan paychecks. In other words the average American family has lost about $5,700 in purchasing power from inflation.
- Main Street businesses are worried about survival: Polls find that more than 60 percent of American job creators are worried that Bidenflation will close down their business.
- Democrats’ spending fueled inflation: Analysis by the San Francisco Fed found that President Biden’s trillions in stimulus spending fueled the inflation fire.
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- Experts and Americans are worried about a recession: Optimism among American families and small businesses has plummeted, and over half of Americans believe the economy is already in a recession or depression.