President Joe Biden’s economic plan, also known as “Bidenomics”, is facing criticism after new data was released on Thursday showing a rise in inflation. The July Consumer Price Index increased by 3.2%, and Core CPI by 4.7%. This means that prices for goods and services are going up, making it more expensive for American families to afford their everyday needs.
Not only is inflation on the rise, but credit card debt is also skyrocketing and reaching new records. This is alarming for hardworking Americans who are already struggling to make ends meet. President Biden recently gave a speech in New Mexico boasting about his economic policies, but it seems like those policies are not having the positive impact he claims.
Small businesses, which are the backbone of our economy, are particularly affected by high inflation. A recent poll conducted by the Job Creators Network Foundation revealed that inflation is the primary concern for small businesses. As a result, small business sentiment has taken a significant hit in the past month. It’s clear that Biden’s economic plan is leading to what can only be called “Bidenflation”.
BIDENOMICS: Just two percent of Americans say economic conditions are "excellent."
Half of Americans say economic conditions are "poor." pic.twitter.com/QhNMUiSks3
— RNC Research (@RNCResearch) August 10, 2023
In response to the rising inflation and the negative impact on small businesses, the Job Creators Network has proposed an alternative plan called the American Small Business Prosperity Plan. This plan aims to tackle inflation by curbing reckless government spending and promoting energy development. By addressing these key issues, the plan seeks to bring prices down and help small businesses thrive.
It’s disheartening to see how President Biden’s economic policies are falling short. Inflation is hurting American families and businesses, and it’s time for a change. The American Small Business Prosperity Plan offers a fresh approach that prioritizes the needs of small businesses and aims to bring an end to this Bidenflation crisis.