“Not Normal” Inflation Taking Its Toll on Small Business
Chairman of the House Committee on Small Business, Rep. Roger Williams, recently issued a statement slamming government policies he claims have increased inflation.
Chairman Williams’ statement follows the latest Consumer Price Index (CPI) report, which saw prices rise across a number of categories including shelter, motor vehicle insurance, recreation, apparel and household furnishings. Some food products have also seen significant price increases, including eggs whose price rose by another 18.4% last month to become 150% more expensive than they were at this time last year.
Small businesses are especially feeling the pinch as inflation soars, and Chairman Williams let fly at those he believed to be responsible.
Chairman Williams’ Statement
“The costly policies enacted by President Biden and his allies in Congress have left small businesses under siege from out-of-control inflation,” read the statement by Chairman Williams.
“When I talk to small businesses, they tell me the most important issue they are facing is inflation. Despite efforts from the Democrats, life with this level of inflation is not normal, nor should it ever be.
“Under Biden’s watch, we have seen the rate of inflation jump from a low of 1.4 when he took office to a high of 9.1 percent. Today’s CPI reading of 6.4% is yet another example of the tough economic headwinds facing small businesses and families across the country.”
Republicans Blame President
Chairman Williams is not the only Republican to place the blame for inflation at President Biden’s door. In response to the President’s State of the Union Address, the Chairman of the House Financial Services Committee, Patrick McHenry, accused Biden of having ‘reckless far-left policies’ and leaving ‘global threats like China’ unchecked.
Despite the rhetoric, inflation did actually ease up a little in January, though not as much as had been hoped. Much of the disappointment was due to a strong jobs report last month raising expectations that inflation would drop lower.
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This article, ““Not Normal” Inflation Taking Its Toll on Small Business” was first published on Small Business Trends