Inflation hits 20 percent under Biden, pushing small businesses to the brink
by Alfredo Ortiz, opinion contributor - 05/15/24 9:45 AM ET
On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20 percent. The dollar’s value has plummeted under his watch. The Bureau of Labor Statistics also confirmed that the consumer price index is resurgent and growing faster than average wages. Combined with weak GDP growth, this data shows the U.S. economy is reentering 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 President 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.
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https://thehill.com/opinion/4663651-inflation-hits-20-percent-under-biden-pushing-small-businesses-to-the-brink/
