Joe Biden is sweating bullets over this one problem he never saw coming
Joe Biden’s Presidency has turned into a total trainwreck.
One of his biggest disasters could be on the way.
Now Joe Biden is sweating bullets over this one problem he never saw coming.
Small businesses are the backbone of the economy, employing nearly half of all Americans.
Coming out of the pandemic, there was reason for optimism, as the economy started to recover under President Trump.
After Joe Biden took office, the economy went down the tubes from his incompetence and socialist policies.
With the economy teetering on the verge of a major recession, once again small businesses are fighting to survive.
Now a new report reveals that nearly half of all small businesses in America are on the brink of closing in the Biden economy.
A report from Alignable Research Center found that 47% of small business owners say they may be forced to close their doors by this fall.
This number is a dramatic 12% jump from last summer, when 35% of small businesses reported being on the brink of closing their doors.
More than half of small business owners surveyed expect to make less money than they did last year.
Alignable found that challenges facing small business owners in the Biden economy are piling up.
They found that the challenges include “record-breaking inflation, higher-than-normal gas prices, rent hikes, labor issues, a still-broken supply chain, reports of reduced consumer spending, elevating interest rates, recessionary fears, and the fact that several businesses have not recouped losses from 2020-2021 yet.”
Inflation is the biggest problem for small business owners, driving up costs for them and leaving shoppers with less money to spend.
Almost two-thirds of small business owners surveyed said that inflation has done more damage than the pandemic.
The Biden economy is so terrible that it’s now worse for most small businesses than the heavy-handed lockdowns of the pandemic.
Small businesses fought to survive the pandemic, but Joe Biden gave them another punch in the gut after his socialist spending spree unleashed devastating inflation.
This is a catastrophe for the small businesses, which are the heart of the Main Street economy across the country.
American Enterprise Institute senior fellow Desmond Lachman explained the pain Biden’s inflation is causing small businesses to the Washington Free Beacon.
“Small businesses do not like high inflation since it raises their costs and squeezes their profit margins,” Lachman said. “This forces them to have to raise prices, which might be difficult to do both because they might get pushback from their consumers and because they might lose market share. The high degree of uncertainty associated with high inflation makes it difficult for small businesses to plan and operate.”
As the economy heads into a recession, even more pain could be on the way for small businesses.
Joe Biden’s Presidency is set to deal a knockout punch to many of the mom and pop businesses across the country.