by Natalie Winters, The National Pulse:
Small businesses across the United States are expressing growing concern that they won’t be able to stay alive financially if Joe Biden wins a second term in the White House. The new Freedom Economic Index survey shows 48.6 percent of small business respondents fear they will not be able to stay afloat under another four years of Biden government policies and tax increases.
Nearly a quarter of respondents said they definitely won’t be able to keep their doors open should Biden win re-election. Meanwhile, 26.2 percent said their business’s financial viability would be unlikely. Stagflation, energy costs, and the continued rise in consumer prices were all major concerns the small business owners said impacted their long-term outlook.
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Most major economic indicators continue to show inflation on the rise. Despite a slight month-to-month dip in April, the Consumer Price Index (CPI) increased at a rate of 3.4 percent annualized. April’s Producer Price Index (PPI) — an essential measure in the eyes of the Federal Reserve — was even more concerning than the CPI data. The PPI numbers showed a re-acceleration in prices, with inflation stubbornly remaining above the Federal Reserve’s 2 percent target.
When inquired about potential measures to be taken in anticipation of a second Biden term, responses said they leaned towards shutting their business or initiating a sellout to larger competitors. Continued consolidation in American industries has become a serious concern among consumers and regulators. The lack of competition in the airline industry may have played a role in the decline of quality control, resulting in the recent concerns over the safety of Boeing airplanes.
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