Katrin Swaffer and Maher Yousef explain how their small businesses have been affected by inflation and call on President Biden to address the issue.
Small business owners across the country are sounding the alarm about four more years of the Biden economy as inflation eats away at their bottom lines.
“Biden should do something about this. He should never continue,” he said. [cares] Maher Yousef, owner of Pluto Organic Cafe, spoke about himself and his family. “Fox & Friends” Thursday.
“We are all struggling[ing]Everyone is struggling[ing]… I don’t know how to continue like this.”
ABC host stunned by visual demonstration of food price increases over the past four years: “Wow.”
According to RedBalloon and PublicSq.’s May Free Economy Index, 49% of business owners surveyed said they would “definitely” or “probably” not survive if Biden is re-elected in November.
Katrin Swaffer and Maher Yousef explain how inflation under President Biden has hurt small businesses. (FOX Business/Fox News)
One factor driving the growing pessimism among business leaders is skyrocketing prices for both consumers and small businesses.
Prices have risen nearly 20% since President Biden took office in 2021. Last month alone, the Consumer Price Index showed that the prices of everyday items are still trending upwards, up 3.4% from March.
Additionally, according to the U.S. Bureau of Labor Statistics, food prices have increased 21% over the past three years.
“When we first opened in 2020, we were paying like $15 a carton of eggs (15 dozen). Now it’s over $50, sometimes $100,” Katlyn Swaffer, co-owner of Just Baked Bakery & Deli, told “Fox & Friends” co-host Steve Doocy.
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“When you buy little things like salsa, bread, toast, everything becomes very expensive. You can’t set your prices too high because people can’t afford to buy from you,” Yousef added, also pointing to rising gasoline prices.
Carol Ross, author of “You Will Own Nothing,” talks about the current state of small business in the United States in “Making Money.”
Customers are also falling as managers face having to pass on costs.
“We have a lot of regular customers, [are] “They’re no longer regular customers. They may start coming once a month instead of once a week, or they may not buy cakes from us anymore because we have to charge them more than the grocery stores,” Swaffer said.
Inflation and the economy remain top of mind for Americans as Biden continues his reelection campaign, with business leaders and households fearing the consequences of four more years of the Biden economy.
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Fox News’ Nicholas Lanham and Fox Business’ Megan Henney contributed to this report.
