Inflation Walloping Small Business: When Will Biden Admin Stop Fueling Its Flames?

By SBE Council at 10 June, 2022, 10:58 am

NEWS

For Immediate Release

Washington, D.C. – In response to today’s inflation data released by the Bureau of Labor Statistics, which reported inflation increased by 1.0% in May and was 8.6% higher than last year – “the largest 12-month increase since the period ending December 1981” – Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement:

“Policies being considered and advanced by President Biden and Congress must work to tame ravaging inflation, not fuel its flames. Higher taxes and burdensome regulation, which raise costs on businesses, work to fuel inflation. The threat of more intrusive and expensive government also restricts investment, which means entrepreneurs are impeded from being an active participant in healing the economy and helping to get our supply chains functioning normally. We are also witnessing what happens when policies punish and prevent energy development at home – higher prices with no end in sight. The costly state of the U.S. economy is not working for small businesses.

“Hopefully there will be an end in sight when it comes to misguided policies that are increasing the pain of American families, and the pain points of small businesses. Small business owners and entrepreneurs have had to continually pivot during COVID and now ravaging inflation. It’s about time President Biden and his team pivot as well, and move away from the injurious policies that are digging the U.S. economy into a deep and dreary hole.”

Read SBE Council chief economist Raymond Keating’s analysis of today’s BLS data here.

CONTACT:

Karen Kerrigan, president & CEO, kkerrigan@sbecouncil.org

Raymond Keating, chief economist, rkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For more than 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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