PRESIDENT BIDEN NEEDS TO EASE UP REGULATION TO HELP SMALL BUSINESSES WITH INFLATIONARY PRESSURES

By SBE Council at 13 September, 2023, 12:47 pm

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – In response to today’s Consumer Price Index (CPI) report from the Bureau of Labor Statistics showing inflation jumped by 0.6 percent in August, Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement:

“Relentless inflationary pressures are burying many small businesses. The response from the federal government and President Biden should be to ease up on government-imposed burdens. Instead, the burdensome wave of federal regulations both proposed and in the pipeline will raise labor costs, compliance and operating costs, and restrict business models and activity – including investment and capital access – that enable startup activity, entrepreneurship, and healthy small business growth. Today’s report validates why 61% of small business owners believe economic conditions will deteriorate for the remainder of 2023, and 89% remain concerned about inflation – their top issue by far – with 52% reporting that revenues have not kept pace with inflation, according to the latest SMALL BUSINESS CHECK UP SURVEY released this week.”

“President Biden appears to be in the dark about the challenges and needs of entrepreneurs and small business owners. The President and his economic advisers must quickly pivot on their agenda and approach before conditions spiral, and the worse fears of small business owners become a reality – including a painful recession. The President and his regulators need to put the breaks on their aggressive regulatory agenda before they drive small businesses over the financial edge.” 

Access the SMALL BUSINESS CHECK UP SURVEY Q3 2023 here: https://sbecouncil.org/2023/09/12/new-check-up-survey-for-q3-small-business-owners-foresee-deteriorating-economic-conditions/?mc_cid=9ff5313cea&mc_eid=9b242d7d5f

CONTACT:

KAREN KERRIGAN, kkerrigan@sbecouncil.org

RAYMOND KEATING: rkeating@sbecouncil.org

SBE Council is a nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For nearly 30 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

                                       ###