Karen Kerrigan of the Small Business & Entrepreneurship Council says small businesses, often referred to as the backbone of the U.S. economy, are also battling higher prices. And while they could pass down costs to consumers, there is a point where most people feel they must turn to large businesses for lower prices.
"Small businesses dominate all local, regional economies throughout our country," says Kerrigan. "They drive GDP, drive innovation, drive competition, and if they can't survive, or if many of them go under, it will just be … a very sorry time."
President Biden acknowledged the price problems earlier this week in the State of the Union Address, saying he knows what it is like.
"Like many of you, I grew up in a family, and when the price of food went up, it was felt throughout the family," said Biden. "It had an impact."
Kerrigan does not think that helps small businesses owners feel any better.
"I'd have to say they feel a little worse," she submits. "It sounded like what President Biden did was stitch together Build Back Better, which included a lot of regulations, lots of spending, and lots of taxes on small businesses -- all things that raise our costs and fuel inflation. So he said, 'I get it,' but based on the policies that he outlined in his speech, it doesn't seem like he actually gets it."