President Biden met with small business owners Thursday to highlight the record growth of mom-and-pop establishments last year, but he avoided discussion in front of TV cameras of the high inflation that is hampering businesses small and big nationwide.
During an event at the White House, Mr. Biden told the owners of five small businesses from Florida, Texas and Washington, D.C., that entrepreneurs like them helped to create 1.9 million jobs in the first three quarters of 2021. He said minority-owned businesses were especially aided by his administration’s policies and COVID-related funding.
“We have every indication that this trend is going to continue,” Mr. Biden said. “We’re giving people financial security to take a risk and pursue their small-business dreams. This boom has been particularly strong for entrepreneurs of color.”
The meeting came on the same day that the Commerce Department reported that the U.S. economy contracted in the first quarter of 2022 for the first time since the pandemic began in early 2020.
Small businesses are struggling under inflation that reached a 40-year high of 8.5% in March, according to a survey released this week by the National Federation of Independent Business. It found 62% of small businesses reported that inflation is having a substantial impact on their operations, and 84% reported lower earnings.
The survey found that 86% of small business owners are increasing prices of their goods and services as a result of inflation.
SEE ALSO: Biden says he’s not worried about recession as economy shrinks in first quarter
Mr. Biden spoke for a few minutes at the start of the event, but White House staff removed journalists from the room and turned off TV cameras before the president began his discussion with the entrepreneurs.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
Please read our comment policy before commenting.