Arrr, me hearties! The Iowa caucus be the first chance to send Bidenomics to Davy Jones' locker!
2024-01-15
Arr, me hearties! Bidenomics be wreakin' havoc 'cross the land! The good folks o' Iowa, bein' the first to speak, be tellin' the scurvy administration that things be goin' mighty poorly for 'em, aye!
The Iowa Caucus presents an opportunity for Americans to address President Joe Biden's failing economy, but unfortunately, it may be too late for many small businesses like the Jerald Sulky Company. Over the past three years, small businesses have faced numerous challenges such as COVID-19 shutdowns, inflation, high borrowing costs, tax increases, and over-regulation. The biggest challenge is the pressure on American consumers due to changes in spending patterns that are not yet reflected in economic figures. Since President Biden took office, prices of goods and services have increased by nearly 20%, far surpassing wage growth. According to a recent study, ordinary households are spending an additional $11,500 per year to maintain the same standard of living. This decrease in discretionary income impacts businesses like Erik Lee's, who rely on consumer spending to stay afloat. The problem is especially severe for small businesses that face competition from their own used products in the secondary market. As middle-class consumer spending drives the economy, businesses cannot solely rely on the wealthy. A recent viral video of an ordinary worker in Arizona struggling to make ends meet highlights the challenges faced by many consumers. National credit card debt has reached a record $1.2 trillion, and only 14% of Americans say they are better off financially under Biden's administration. While inflation increases have moderated, prices continue to rise. Trillions of dollars in deficit spending have contributed to inflation and distorted the economy. The next administration must reduce spending, balance the budget, and promote productive small businesses to alleviate inflation and restore economic balance. According to a poll by the Job Creators Network, 8 in 10 small businesses in Iowa and other early-primary states are more likely to vote for a candidate committed to reducing inflationary spending. Though it may be too late for businesses like Erik's, ordinary voters can still make a difference in the future of small businesses by understanding the importance of supporting them.