![]() In fact, families’ incomes have fallen for seven straight months under President Biden. Small businesses pass rising costs onto consumers, and a recent poll found that 62 percent of American families’ incomes can’t keep up.Despite 40-year high inflation, President Biden’s latest budget proposal includes tax hikes that hit working families and Main Street job creators hardest.With more than 60 percent of Main Street businesses reporting they’re having to raise prices to keep up with inflation, economists are warning the U.S.The March Consumer Price Index showed prices surging 8.5 percent from a year earlier – the highest increase in 40 years, which hits low-income Americans hardest.READ: Small Businesses Juggle Inflation, Unfilled Jobs, Plummeting Optimism in Biden’s Economy A survey of small business owners by the National Federation of Independent Business (NFIB) showed optimism dropped 3.6 points in June to a reading of 89. Worker Shortage: Despite business owners now reporting inflation as a bigger problem than job openings, 47 percent of owners still have job openings that they can’t fill.The small business economy is recovering as owners manage an ongoing labor shortage, supply chain disruptions, and historic inflation. Going into the holiday season, small business owners are seeing a slight ease in inflation pressures, but prices remain high, said NFIB Chief Economist Bill Dunkelberg. November’s reading is the 11th consecutive month below the 49-year average of 98. Plummeting Optimism: Optimism plummeted to record lows, with the percentage of business owners expecting better business conditions over the next six months decreasing to just less than half of all surveyed – the lowest level ever recorded. The Small Business Optimism Index rose 0.6 points in November to 91.9.Inflation: The highest percentage of business owners in history report having to increase prices on American consumers at 72 percent.The National Federation of Independent Business (NFIB) Survey’ s Small Business Optimism Index dropped in March, leaving it below the 48-year average for a third consecutive month. Business owners, economists, and American families are worried that the U.S.
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