The historically high inflation under President Joe Biden’s watch is “pushing small business to the brink,” Job Creators Network President Alfredo Ortiz writes in an op-ed at The Hill.
Ortiz writes:
On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20 percent. The dollar’s value has plummeted under his watch. The Bureau of Labor Statistics also confirmed that the consumer price index is resurgent and growing faster than average wages. Combined with weak GDP growth, this data shows the U.S. economy is reentering stagflation.
Historic inflation is causing declining living standards and a cost-of-living crisis. Under Biden’s presidency, grocery prices have increased by nearly one-third and gas has risen by 50 percent. It feels like every daily convenience — from a turkey sandwich to some handyman help — has increased by 50 percent or more.
[…]
The situation is especially bad for small businesses. “Customers that used to come in every week now come in every three weeks,” says Joe Germanotta, a New York restauranteur. This statement reflects what I’m hearing from small businesses nationwide. When people are faced with $20 for a burger or $10 for dry cleaning, they choose to eat and do laundry at home instead.
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