Main Street Biz Struggle to Pay Rent and Find Workers As Economy Slows
Inflation will persist until President Biden addresses worker shortage
Nov. 30, 2022 - Bidenflation - Blog - Press Releases - Select Revenue Measures - Worker and Family Support
On top of inflation, tax hikes, and a recession, small businesses are still struggling with a record worker shortage of nearly two years into the Biden Administration, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover (JOLTS) survey.
Key Takeaways:
* There were 10.3 million job openings in October, marking the 16th consecutive month of job openings surpassing 10 million under President Biden.
* There are currently 1.7 job openings for every job seeker, remaining near historic highs.
* Hiring has declined seven out of the last eight months - a signal that the economy is slowing down.
* Quit rates have declined six out of the last eight months, signaling that workers are losing confidence that they can find a better job.
* Unless President Biden finally addresses the labor shortage, Biden-Flation will remain at 40-year highs.
Key Background:
Main Street businesses are forced to raise prices to keep up with inflation, which, in turn, get passed on to American consumers.
* American consumers suffer as record high labor costs means small business owners are forced to pass costs on through higher prices to stay afloat.
* More than 40 percent of U.S. small business owners said they couldn’t pay rent on time or in full for the month of November - the highest this year - according to a new survey.
READ: Prices Outpace Wages Under Biden-Flation, Creating Hidden Tax
Small businesses have struggled through President Biden’s cruel economy with inflation, a worker shortage, and now more tax hikes and a recession.
* At least 30 percent of business owners reported inflation as the single biggest challenge in operating their business.
* More than half of top job creators have warned that inflation has yet to reach its peak.
* At least 91 percent of top job creators are bracing for a Biden Recession, prompting more than half to consider layoffs in the next six months, according to a recent study.
