Rep. Andrew Garbarino, R-N.Y., on small businesses raising prices due to inflation and the ongoing migrant crisis, arguing the money sent by the Biden administration ‘should be focused on securing the border.’ President Biden and Sen. Bernie Sanders are currently trying to pass a record $3.5 trillion budget, which the nonpartisan Committee for a Responsible Federal Budget projects is actually over $5 trillion when accurately scored. This spending is in addition to the $1.2 trillion compromise infrastructure deal that passed a key procedural vote Wednesday night and the $1.9 trillion COVID spending package passed earlier this year. This proposed spending includes numerous tax credits and entitlements that would make it even more difficult for small businesses to find the employees they need. By paying people not to work, these programs would exacerbate the current labor shortage caused by expanded unemployment benefits. The numerous climate regulations in the budget, including a clean energy mandate, would increase energy costs that are a significant small business input.
Ordinary Americans must fight back to defeat the big threats to small businesses. To return the economy to its pre-pandemic level, we must first bring small businesses back. Small businesses create two-thirds of all new jobs and drive economic growth. Yet President Biden and Congressional Democrats are waging war on these job creators, threatening to kill the economic recovery in its cradle.
IT’S TIME TO CUT FEDERAL REGULATIONS TO RESTORE SMALL BUSINESS AFTER COVID, BOOST OUR ECONOMY According to Federal Reserve economists, around 200,000 small businesses closed last year. Our Monthly Monitor small business poll finds that only one in ten small businesses has fully recovered.
Utah Attorney General Sean Reyes on 36 states suing Google over its app store practices. President Biden and Congressional Democrats plan to fund this reckless spending by taxing small businesses at some of the highest levels in the world. Biden’s proposed capital gains tax increase would require entrepreneurs who sell their businesses to pay roughly 50 percent of their earnings in taxes, including state obligations. Biden is already presiding over the highest inflationary period since at least 2009. These rapid price increases hurt small businesses, which must constantly increase their prices merely to maintain their margins, creating an accounting nightmare and alienating customers on fixed incomes.
This historic government spending will fuel growing inflation, as even liberal economists like Larry Summers have warned. $15 WAGE BECOMING A NORM AS EMPLOYERS STRUGGLE TO FILL JOBS
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- The Biden government is waging a war on small businesses – and they are on track to win
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