America has hit a rather depressing milestone that is sure to make you want to drown your sorrows at the bottom of a bottle of whiskey, if you happen to be able to purchase such an upper class luxury item in Biden’s economy. That milestone? Thanks to the stellar leadership of President Joe Biden, the inflation rate is now at 20 percent. This means the value of the dollar has plummeted and thus, the cost of basic goods and services are higher than ever.
Which is why you have consider selling portions of your soul to the devil to afford basic groceries each time you go to the supermarket. Things are so expensive the old saying, “it cost an arm and a leg” is scarily close to being factually accurate.
According to a report from The Hill, The Bureau of Labor Statistics has confirmed that the consumer price index is resurgent and growing much faster than average wages. When you add that to our puny GDP growth, it seems we are on the road to stagflation.
Historic inflation is causing declining living standards and a cost-of-living crisis. Under Biden’s presidency, grocery prices have increased by nearly one-third and gas has risen by 50 percent. It feels like every daily convenience — from a turkey sandwich to some handyman help — has increased by 50 percent or more.
Yet Biden seems entirely out of touch with this reality. In a recent CNN interview, he responded to these inflation numbers by claiming, “They have the money to spend.” In reality, it now costs the average American family $12,000 more to maintain the same living standards as before Biden took office.
Biden also tried to deflect from this consumer pain by claiming he inherited high inflation. Fact-check: Inflation was 1.4 percent when he took office.
The situation is especially bad for small businesses. “Customers that used to come in every week now come in every three weeks,”says Joe Germanotta, a New York restauranteur. This statement reflects what I’m hearing from small businesses nationwide. When people are faced with $20 for a burger or $10 for dry cleaning, they choose to eat and do laundry at home instead.
As if inflation weren’t problematic enough, businesses are also facing challenges due to a credit crunch and rampant crime that is on the rise. Inflation has led to the Federal Reserve keeping the interest rates at a stand-still at rates that are at 22-year highs. This has put a sizable barrier in the way of capital entrepreneurs, preventing them from being able to thrive.
Democrats’ regulatory and tax onslaught will only add more pressure. The Biden administration recently issued rules expanding overtime pay, banning noncompete contracts, mandating electric vehicle use and regulating internet access. The Corporate Transparency Act, which took effect this year, burdens every small business with annoying reporting requirements and the risk of jail time for noncompliance.
President Joe Biden has promised that should he be given a second term in office, he would slap small businesses with a very high spike in taxes by allowing the Tax Cuts and Jobs Act put in place by former President Joe Biden expire next year. Taking this route would result in small businesses facing a massive 20 percent tax hike, the end of bonus depreciation, and having higher tax brackets placed on their earnings.
Because small businesses don’t suffer enough apparently.
“Biden has spent a half-century in government and doesn’t know what it’s like to run a business. Most Democrats are the same, never signing the front of a paycheck. They treat small businesses as if they were a state of nature, like the Great Lakes or Rocky Mountains,” the article from The Hill read.
Alfredo Ortiz, the author of the piece, concluded by saying, “In reality, small businesses need the right policy environment to thrive — and even survive. What Democrats still can’t do is pass a mandate to stop small businesses from simply closing their doors in the face of these threats and choosing to do something less productive. At least not yet.”
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