Small businesses across the U.S. are grappling with the impact of inflation under the Biden-Harris administration as the economy emerges as a top concern for voters ahead of the upcoming election. Many business owners report that high costs, driven by inflation, have severely impacted their operations and profitability.
Rafael Arroyo, a Hispanic business owner, compared the current economic environment to the previous administration. “I saw what the economy was doing during the Trump administration. I was able to grow my business and open more locations,” Arroyo said on “Fox & Friends.” “That hasn’t been the case in the Biden-Harris administration. I’ve been stagnant, fighting rising costs and trying to keep up.”
Inflation Pressures on Business and Consumers
A recent Fox News Poll indicates that high prices are the main issue driving voters this fall, with many struggling to afford basic needs. The poll found that 66% of voters say grocery prices are a major problem for their families, up from 62% in May. Housing costs are also a significant issue, with 60% of voters citing it as a major concern.
Business owners like Ryan Sprankle, who runs Sprankle’s Market, highlight how inflation squeezes their profits. “Inflation has been through the roof, driving up costs, but discretionary spending among customers has decreased, leaving us flat or down in sales,” he explained.
The economic strain was further illustrated when former President Trump visited Sprankle’s store and gave a mother of three $100 to help cover her grocery bill, highlighting the financial pressure on everyday Americans.
Impact on Small Business Growth
Some business owners, like Shana Gray, have had to close their doors due to rising costs. Gray, who voted for Biden in 2020, expressed frustration with the current administration’s handling of the economy. “The weight of the cost of goods and the economy itself forced me to close,” Gray said, noting that small economic incentives from the administration have failed to make a meaningful difference.
The Fox News Poll shows a stark contrast in how voters perceive the economic policies of the two administrations, with a significant number believing Trump’s policies were more beneficial to small businesses than Biden-Harris’s.
Economic Concerns Ahead of the Election
With inflation and rising costs dominating the conversation, many voters are rethinking their political support. Jason Trennert, CEO of Strategas, noted that “Americans got richer during the Trump years, poorer under Biden-Harris,” highlighting the perceived economic decline under the current administration.
As Vice President Harris continues to promote her small business support plan, some business owners like Rafael Arroyo remain skeptical, urging the administration to deliver on its promises rather than wait until election time.