Biden, Democrats' reckless inflation is out of control – and it's crushing America's small businesses
Ranking Member Blaine Luetkemeyer (R-MO) in Fox Business
Washington, July 23, 2021
This op-ed by Ranking Member Blaine Luetkemeyer originally appeared in Fox Business.
Gas, milk, fruit, televisions, furniture, washing machines, car rentals, hotel rooms – what do all of these things have in common? Their prices have gone up under the Biden administration.
Inflation is climbing at the fastest rate in 13 years and has increased every single month since President Biden took office. While Democrats in Washington bulldoze a path for reckless government spending, small businesses and middle class working American families alike are left to pay the bill.
Small businesses are the backbone of the United States economy, and they were making huge economic strides before the Biden administration took over. Now, small businesses nationwide are facing the consequences of the Democrats’ massive government spending agenda in all sectors.
In May, a total of 48 percent of small businesses were forced to raise their prices, which is the largest percentage reported in 40 years. From increased gas prices for delivering goods to rising food costs for restaurants, small business owners are bearing the brunt of Democrat-induced inflation.
As more American consumers are spending and patronizing small businesses following the COVID pandemic shutdowns, this increased immediate spending has given our economy a bit of a shock. But rather than acknowledge this problem and correct the course, President Biden and Congressional Democrats are doubling down.
Make no mistake – inflation is taxation. Prices of the goods you buy go up, meaning the dollars in your pocket are worth less. It then takes more of those hard-earned dollars to purchase these goods.
The Democrats’ proposed $3.5 trillion package will severely exacerbate the inflation problem for middle-class families and further crush Main Street U.S.A.
Simply put, small businesses cannot afford the inflation tax that comes with the Democrats' failed economic policies.
As Republican Leader of the House Small Business Committee, my colleagues and I have worked tirelessly to provide much-needed relief for small businesses across the country as they regain their footing and reopen their doors to local communities.
Unfortunately, there is no single COVID relief package that can simply fix inflation – the Democrats must stop their spending spree. As if the pandemic didn’t create enough of an economic burden for American families and workers, they now face an increased cost of living and consumer prices across the board with no end in sight.
In my home state of Missouri and in other states across the country, life has gone back to normal. As a result, small businesses are struggling to keep up with the heightened consumer demand. While workforce participation has improved in states that have eliminated the unemployment bonus checks, a year of paying people to stay home has resulted in small businesses facing the added worry of a labor shortage.
The labor crisis is just another of many issues being caused by the Democrats’ senseless spending plans.
Inflation isn’t a partisan issue. It affects all Americans and is especially hurtful to the middle-class.
Every family has to buy groceries for meals and fill up their cars to get their kids to school or go to work.
Unfortunately, the Biden administration and Congressional Democrats continue to spend, spend, spend while the costs of goods and services continue to skyrocket, all at the expense of the American consumer.
Republicans in Congress know that in order for inflation to go down, reckless government spending needs to stop.
We will keep doing everything in our power to make this happen.
Republican Blaine Luetkemeyer represents Missouri’s 3rd District in the U.S. House of Representatives. He is the Ranking Member of the House Small Business Committee and also serves on the House Financial Services Committee as Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions.