OPINION: Small businesses can save our economy, and economic freedom
Some small businesses are feeling the financial crunch as inflation rates surge to record highs. One furniture maker in North Carolina says manufacturing materials are much more expensive now than they were a year ago.
Removing or lessening other government-imposed barriers, regulations, costs, taxes and more that make it harder for small companies to compete with bigger, better-capitalized entities can also help stave off a recession. With the Federal Reserve tightening their policy in an effort to cool off demand, those who are most vulnerable to these measures are small companies.
Also, many small businesses are domestically focused, and spending with local small businesses supports local economies. American Express’s Small Business Impact study estimated that around 67 cents of every dollar spent with a local small business stays in the local economy. Having a number of small businesses fail at once could wreak havoc on entire communities.
Big businesses have long had the upper hand. They get special treatment, as well as policies and legislation shaped in their favor. It’s time to tilt the playing field back to support the backbone of America, small business. If we don’t, we will all pay a price.
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