Inflation top election issue for small businesses leading into midterms
Owners say worker shortages and supply chain problems are also taking a toll
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Small business groups in the U.S. say inflation is the main issue on their members' minds as they prepare to vote in the 2022 midterm elections on Tuesday, as months of sky-high prices continue to take a toll.
The U.S. Chamber of Commerce's latest Small Business Index survey found inflation was cited as the biggest concern, with 50% of respondents pointing to it as their greatest challenge.
Jason Coon loads inventory into the freezer at Warwick Ice Cream in Warwick, Rhode Island, on Oct. 27, 2022. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
The latest small business economic trends survey conducted by the National Federation of Independent Business (NFIB) set to be released Tuesday also found inflation was the top issue worrying businesses, with 33% of owners saying it was their single most important problem.
Staffing issues due to labor shortages were the No. 2 challenge cited by small businesses in both surveys, and supply chain issues came in at No. 3.
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Beyond the surveys, small businesses have also worked to make their voices heard by lawmakers ahead of the midterms. Last month, members of the U.S. Chamber's Small Business Council met with lawmakers and aides on Capitol Hill to set out what they would like to see in the next Congress.
Lynn Gooden, 44, updates inventory in her business, Mother's Hair Beauty Supply, on Aug. 16, 2022 in Houston, Texas. Small business groups say inflation is overwhelmingly the top challenge facing their members leading into the midterm elections. (Brandon Bell/Getty Images / Getty Images)
A Chamber spokesperson told FOX Business the top challenge mentioned besides the big three – inflation, workforce issues and supply chain woes – were concerns over burdensome regulations.
"Issues front of mind for every small business are rising prices and a shortage of qualified and willing job applicants for open positions," said Tom Sullivan, vice president of small business policy at the U.S. Chamber. "Frustration over the government’s inability to address these challenges will certainly be reflected on Election Day."
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NFIB spokesman Jon Thompson said other issues that small business owners look at when casting their votes are concerns over potential tax increases, the recent expansion of the Internal Revenue Service (IRS) and high gas prices.
Jordan Mackey, left, is opening Nan's Kitchen and Market, Aug. 4, in Southborough, Massachusetts. Small businesses' top three concerns are inflation, workforce issues and supply chain woes. (Jonathan Wiggs/The Boston Globe via Getty Images / Getty Images)
"With high inflation, threats of tax increases, workforce shortages, overregulation and supply chain disruptions, small businesses are facing persistent, significant challenges," Thompson told FOX Business in a statement.
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He added, "This Election Day, small business owners and employees are energized and motivated to cast their ballot for candidates who will stand up for Main Street and enact pro-small business policies."