Small Businesses Juggle Inflation, Unfilled Jobs, Plummeting Optimism in Biden’s Economy
Small business owners are facing increasingly difficult challenges under President Biden, according to February’s National Federation of Independent Business (NFIB) survey:
- Sixty-eight percent of small business owners reported raising selling prices to keep up with inflation.
- Small businesses are passing price increases onto American families to stay afloat after President Biden’s spending fueled the highest inflation in 40 years.
- The last time this many small businesses raised prices was 1974 – 48 years ago.
- Inflation is a tax that hits low-income Americans hardest in higher prices, and has already cost family budgets over $1,100, or three months worth of groceries.
- Nearly half of small businesses (48 percent) reported job openings they were unable to fill.
- Small businesses are still desperate for workers after President Biden’s extended unemployment benefits discouraged work.
- Economic optimism dropped even lower, too, as small businesses face an economy damaged by President Biden.
- Experts have warned of a looming recession, with price increases continuing to land on small businesses and American families.
- Half of Americans believe the U.S. is already in a recession or depression, and that higher prices will continue to wipe out paychecks for three to five years.
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- Democrats have dismissed inflation as “transitory” and blamed corporate greed for high prices, but have offered no solutions to help the average Main Street business owner being hammered by tax hikes and spending, struggling to find workers, and facing a supply chain crisis.
Meanwhile, higher costs are being passed onto American families at every turn and a drop in real wages has the U.S. economy on the brink of, or already in, a wage-price spiral, driving inflation even higher.