FOX Business' Grady Trimble talks about economic concerns for Iowa manufacturing with less than a week until the state caucuses.
With the Iowa caucuses just days away, manufacturers are highlighting concerns about another four years under President Biden's leadership.
FOX Business' Grady Trimble spoke with Iowa Springs CEO Tim Bianco, who expressed concerns about the Biden administration's green energy policies.
“Currently, we are big consumers of natural gas and cannot process our products without it. If we had to process it with electricity, the cost to the consumer would be exponentially higher. '' Bianco said.
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The Iowa Springs workers also outlined inflation concerns, explaining that Biden's economic policies are not only causing prices to rise for businesses, but also the cost of living.
”Inflation is happening everywhere now. Nate Setchell, an Iowa Springs employee, told Trimble, “I just can't seem to get ahead of myself. A quick trip to the store isn't going to be $150 anymore. 300 is easy every time…3 people.” With my kids. It lasts for a week, which is great.”
Tudor Dixon explains in “The Bottom Line” how President Biden's manufacturing regulations are increasing the cost of processes.
Inflation has fallen significantly from its peak of 9.1%, but remains well above the Federal Reserve's 2% target. As a result, many small business owners remained pessimistic about the state of the U.S. economy in December, reflecting concerns about persistent labor shortages and chronic inflation.
The U.S. economy is “becoming more similar to the 1970s,'' says JPMorgan Chase & Co.'s Jamie Dimon.
The biggest threat to small businesses in December was that inflation outpaced the quality of workers. Approximately 23% of small business owners cited rising prices as the most important issue in their business operations, an increase of 1 percentage point from last month.
Workers at a spring manufacturing company in Iowa have expressed concern about Biden becoming president again. (FOX Business/FOX News)
In addition to inflation, rising costs from federal regulations are weighing on manufacturing, with a new study estimating that small businesses are incurring costs of more than $50,000 per employee per year. There is.
of National Manufacturers Association NAM on Wednesday released a report on the cost of federal regulation to the U.S. economy, manufacturing, and small businesses, finding that the total cost of federal regulation across the economy in 2022 is approximately $3.1 trillion, or the U.S. economy's gross domestic product. It turned out that it reached about 12% of the total. product.
Regulatory costs for manufacturers have increased from $277 billion in 2012 to approximately $350 billion in inflation-adjusted dollars, an increase of 26% over 10 years.
NAM President Jay Timmons told FOX Business: “We are looking at not only historical costs, but future costs as this number increases significantly with the large amount of regulation coming out of the Biden administration.'' “I'm also concerned that the number will rise sharply,” he said. .
FOX News' Bret Baier has a “special report” on the demand for electric vehicles and why some companies are recalibrating their goals and slowing production.
For businesses of all sizes across the economy, the annual regulatory cost per employee is approximately $12,800 in 2023 dollars, but for manufacturers it is more than double, paying approximately $29,100 per employee per year. I am. Manufacturers with more than 100 employees had slightly lower average costs at $24,800 per employee, while manufacturers with fewer than 50 employees faced regulatory costs of $50,100 per employee. become.
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“These caucuses will be held on Monday, and the general election will be held in November. The stakes are very high, not just here in Iowa, but for manufacturing across the country,” Trimble told Barney & Company. He spoke at Thursday.
FOX Business' Eric Revell and Megan Henney contributed to this report.
