Ohio Secretary of State Frank LaRose called on the federal government to address the record inflation that is impacting small businesses across the state.
According to LaRose, his office received only 15,488 new business filings in April 2022—a dramatic decline from previous months. In March, he got 20 percent more applications.
“We’ve seen working Ohioans continue to pay the price for the current administration’s lack of leadership in reining in record high inflation,” said LaRose. “Now, it’s Ohio small businesses who are left to suffer. The time for political games is over. It’s time for action. My message to Ohio entrepreneurs — I will continue to fight the bureaucratic incompetence in Washington and work with our legislative leaders to ensure the Buckeye State remains the destination state for starting a new business.”
In the release, LaRose cited a new report from the NFIB Small Business Optimism Index, which detailed that optimism for an improved economic environment for small business owners is at a 48-year low. A large percentage of owners pointed to inflation as the cause.
The same survey showed that the “net percent of owners raising average selling prices decreased two points to a net 70% (seasonally adjusted), two points below last month’s highest reading.”
“Small business owners are struggling to deal with inflation pressures,” said NFIB Chief Economist Bill Dunkelberg. “The labor supply is not responding strongly to small businesses’ high wage offers and the impact of inflation has significantly disrupted business operations.”
According to the Secretary of State’s office, “65,884 new businesses have been created in 2022 so far, averaging 16,471 per month,” demonstrating the April decline.
A recent poll showed that the majority of Americans blame President Biden’s policies and the war in Ukraine for the spike in prices.
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