Actually, Small Businesses Are Getting Crushed Despite What Biden Says
During Joe Biden must be getting his positive numbers about the economy from the same place that told him trading WNBA player Brittney Griner for an international weapons dealer was a smart move.
According to a recent piece at The Political Insider, “The labor market continues to be a big challenge for small business owners.”
NFIB Chief Economist Bill Dunkelberg stated that “More owners are raising compensation to compete, but labor quality remains a serious problem for owners.” Reports also indicate that small businesses have now been about to rebound from the government lockdowns of 2020.
The small business network Alignable reported that “74% of those surveyed are worried about rising interest rates while 27% said these rates already have hurt their businesses.”
They also added that “Only 34% of small business owners are earning as much or more than they did prior to COVID, now three years after the initial impact. And that statistic has dropped four percentage points from 38% in Jan. So, 66% of U.S.-based SMB owners still aren’t making as much as they did prior to the pandemic.”
As if to make matters worse, hear anything about inflation? Yeah, thought so, because that hasn’t gotten under control.
This is negatively impacting small businesses, as they heavily rely on consumer demand for their products or services. When customers have less disposable income due to higher prices, they may cut back on their purchases, resulting in reduced sales and revenue for small businesses.
The labor market conditions play a crucial role in small business operations. In recent times, the labor market in the United States has become increasingly competitive, with a shortage of skilled workers. This scarcity of qualified employees makes it challenging for small businesses to attract and retain talented individuals. The tight labor market often leads to wage pressure, as businesses are forced to offer higher wages to entice workers. Small businesses, with limited financial resources, may struggle to afford these higher labor costs, squeezing their profit margins.
What this has resulted in when you combine both factors are obstacles too high for already struggling businesses to overcome again and again as they aren’t given time to recover before the next hurdle arrives even higher.
So next time your liberal aunt says everything is fine, really ask her what “fine” means to her.
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