With soaring inflation and rising energy costs, small-business owners are particularly hard-hit during these difficult and uncertain economic times.

Many small businesses are already struggling to recover from the pandemic. Rising costs brought on by high gas prices are simply not affordable.

For example, farmers and producers are passing on their higher costs for fuel and fertilizer, and food distributors are passing on their transportation costs.

Right now, the restaurant industry is experiencing some of the highest food costs in recent history.

Sen. Rand Paul Blames Biden, Democrats as Inflation Hammers Small Businesses

Sen. Rand Paul, R-Ky., says he is furious with the Biden administration and congressional Democrats for crippling and killing small businesses. 

“Small businesses are struggling. And right now, the Biden administration and the Democrats in Congress want to add a special tax onto corporations,” Paul said in an interview with The Daily Signal. “Two-thirds of the businesses in D.C. will have a huge tax increase.” 

Paul made his way back to The Big Board, a pub in Washington, to patronize a local business near Capitol Hill and speak with reporters Tuesday.  

With inflation reaching a 40-year peak and the federal reserve implementing its largest rate hike since 1994, Americans have felt the strain on their wallets. 

Small businesses will especially feel that squeeze.

The consumer price index, which measures the prices of goods and services, increased 8.5% in March from a year ago, while the producer price index, which measures prices paid by wholesalers, jumped 11.2% year over year in March.

Inflation, as well as supply-chain issues and workforce challenges, are weighing heavily on businesses. Some 91% said these broader economic trends are having a negative impact on their business, according to a survey of 1,107 small business owners from Goldman Sachs 10,000 Small Businesses Voices. Fully 73% said increasing energy costs are having negative impacts on their bottom lines. 

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