PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan Statement in Response to Latest CPI Data: Hot, Hot Inflation Burning Small Businesses

By at 13 July, 2022, 10:40 am

FOR IMMEDIATE RELEASE

Washington, D.C. – The following statement on the latest inflation numbers released by the Bureau of Labor Statistics, which reported that consumer prices rose 1.3% in June and 9.1% over the last twelve months, can be attributed to Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan:

“Record inflation is what happens when elected officials in charge of our nation remain in deep denial about the causes of inflation and out-of-touch with ordinary citizens and small businesses. Record inflation is what happens when you continue to push inflationary policies that make matters worse. President Biden and Congress must end their policy attack on the private sector – across almost every industry – and instead foster stability through policies that provide incentives to help our businesses fix supply chains and to produce more to get us out of this tumultuous mess. Conditions and inflation will only worsen if President Biden and Congress insist on spending more, taxing more, and regulating excessively. That is a policy recipe for chronic inflation, or a deep recession that brings demand to a dangerous halt.”

“Unfortunately, the White House response to today’s inflation data is more of the same – denial and pointing blame. President Biden says that the inflation data is ‘out-of-date.’ Tell that to small business owners, consumers and American families who are scrambling every day to make ends meet. What is out-of-date is President Biden’s policies that are bringing us back to 1970s inflation, stagflation, and the widely shared belief that the country is heading in the wrong direction.”

“High inflation and a slowing economy are bad for all businesses, but especially small businesses that drive local economies, employment, and that local governments count on for tax revenue to deliver programs. President Biden must start listening to small businesses rather than the elite ideologues both in the White House and those influencing his policy agenda.”

Read SBE Council chief economist Ray Keating’s analysis of the latest (not “out-of-date”) inflation data here.      

Related Content:

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CONTACT:

Karen Kerrigankkerrigan@sbecouncil.org

Ray Keatingrkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 28 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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