Bidenflation Tanks Small Business Optimism | Eastern North Carolina Now | Inflation continues to wreak havoc on small businesses. The percentage of small business owners reporting inflation as the biggest business problem is at the highest level since 1980.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Paige Terryberry.

    Inflation continues to wreak havoc on small businesses. The percentage of small business owners reporting inflation as the biggest business problem is at the highest level since 1980.

    Expectations have dropped each month this year and in June, Small Business Optimism as measured by the National Federation of Independent Business (NFIB), tanked again. Small business owners expecting conditions to improve over the next six months is at the lowest recorded level.

    Nearly 70% (seasonally adjusted) of small business owners are raising average selling prices. Over the last year, price raising activity has surged, "reaching levels not seen since the early 1980s when prices were rising at double digit rates" according to NFIB.

    In retail, 80% (unadjusted) reported higher average prices. In transportation and construction, 78% and 75% of owners reported higher average prices.

    Overall 48% (seasonally adjusted) of business owners reported raising compensation. Unfortunately, higher wages have not made workers better off due to inflation.

    Small businesses are crucial to our economy as they allow hardworking entrepreneurs to escape poverty and provide jobs to local communities.

    Reckless federal government policies created inflation that threatens to tear down Main Street. Washington damages business life and optimism through its policies that discourage work, expand welfare, bailout unions, and deficit spend.

    NFIB leader Brad Close understands that solutions are found in the states, not in Washington. Close stated in a recent op-ed: "Only in Washington does it make sense to saddle the small business economy with new taxes and mandates. ... If Congress doesn't have any good ideas, they should look to the states for pro-growth solutions."

    The federal government's attempts to interfere in the workforce have long been counterproductive. The government cannot consider itself more knowledgeable to business needs than business owners themselves. It's time to stand aside and let business flourish.

    Here in North Carolina, small business relief is a priority. North Carolina's sluggish growth before 2013 has been reversed thanks to fiscally conservative leadership. Restrained spending and tax cuts allowed the state to prosper. The latest personal income tax reduction, once fully phased in, will result in our state boasting the fourth lowest rate in the nation, among states that levy the tax.
Go Back

HbAD0

Latest Op-Ed & Politics

I watched with great interest the small comments made by DOJ Attorney General Merrick Garland, in an even shorter press conference, about a most serious matter, and yet, I took nothing he said seriously.
On Friday, Israel Defense Forces announced Operation “Breaking Dawn” to attack Palestinian Islamic Jihad terrorists in the Gaza Strip. Reports state that the IDF killed Tayseer al-Jabari, a senior Islamic Jihad terrorist commander who supervised terrorist forces.
Former President Donald Trump avoided incriminating himself in a deposition with New York A.G. Letitia James by pleading the fifth amendment right to remain silent.
Florida Republican Governor Ron DeSantis sent law enforcement officials to remove woke State Attorney Andrew Warren of the 13th Judicial Circuit, who was backed by Democrat mega donor George Soros, from office this week.
An independent Pentagon review of a drone strike that killed 10 Afghan civilians, including 7 children, during the final days of the U.S. military’s presence in Afghanistan recommends that no disciplinary action be taken.
President Joe Biden’s spending agenda climbed another hurdle and now appears to have enough votes to pass the Senate after Sen. Kyrsten Sinema (D-AZ) agreed to the package Thursday.
The FBI raided the home of Nicholas Cage in the early morning hours Friday after an anonymous tip that he had stolen the Declaration of Independence.
Former television news anchor Kari Lake has won the Arizona GOP primary to be the state’s next governor.

HbAD1

“A Tale of Two Carts” - Featuring the Heartbreak of Working Families Being Crushed by Bad Biden/Beasley Policies had Inaccurate Data
Democrat President Joe Biden claimed that reports from multiple mainstream newspapers that the administration could pay illegal aliens who were separated at the border under the previous administration up to $450,000 each to settle lawsuits were untrue.
U.S. District Judge William Osteen is ending his injunction of North Carolina's abortion law, allowing a ban on most abortions after 20 weeks to take effect.
California State Senator Scott Wiener (D-San Francisco) was interviewed Thursday by The Washington Post about the response to his state’s monkeypox outbreak and said that people have to make their own decisions about having sex.
“We hold these truths to be self-evident,” begins the second paragraph of the Declaration of Independence. And yet the self-evident truth of unalienable rights has never been fully lived as what is true in America.
44% say Trump raid made them trust FBI less
Los Angeles City Council members will consider passing an initiative Friday that could force hotels to report vacancies and house homeless individuals in empty rooms.
The Department of Defense estimates that communist China will increase their stockpile of nuclear weapons by at least 500% over the next 10 years, which is just one area of concern for America’s top military minds.

HbAD2

 
Back to Top