U.S. House of Representatives Committee on Ways and Means
10/13/2021 | Press release | Distributed by Public on 10/13/2021 11:04
NFIB Small Business Optimism & JOLTS Report: Small Biz Businesses Struggling to Fill Jobs and Keep up with Bidenflation
NFIB Small Business Optimism & JOLTS Report: Small Biz Businesses Struggling to Fill Jobs and Keep up with Bidenflation
October 13, 2021 - Blog - Press Releases - Select Revenue Measures - Worker and Family Support
Small businesses owners are feeling pessimistic about future economic conditions, the small business optimism (NFIB) survey showed. Business optimism decreased by 21 points over the past three months - to the lowest level since December 2012.
Over half of business owners reported that they still can't fill their record job openings and with higher prices, many are struggling to keep up with Bidenflation.
The Job Opening and Labor Turnover (JOLTS) Survey also reported showed record high turnover, with job creators continuing to face crushing hiring challenges.
After September's dismal jobs report, this is bad news for small businesses as they face Democrats' job-killing tax hikes and struggle to keep up with higher prices in Bidenflation.
KEY TAKEAWAYS:
President Biden has fallen short on his jobs promises and is slowing our recovery.
- September's jobs report showed President Biden is now a whopping 944,000 jobs short of what he promised from his last stimulus and worse, has lost the confidence of the American people to lead the economy. Biden will need nearly 1.5 million jobs to close the gap in October.
- Only 194,000 jobs were created in September. The unemployment rate fell slightly to 4.8 percent, and labor force participation remains stuck at 61.6 percent. This is still 1.7 percentage points lower than pre-pandemic level of 63.3 percent.
- Democrats' untargeted welfare-without-work policies are holding back our jobs recovery by forcing Main Street businesses to compete with welfare-without-work benefits to fill record job openings.
- Under President Biden, Main Street businesses of every size are struggling to find workers.
READ: Bidenflation Forcing Families to Spend Another $175/Month on Food, Fuel, Housing
Millions of Main Street businesses will shoulder the burden of Dems' tax hikes.
- The majority of the more than 30 million small businesses in the U.S. are pass-through entities in which tax obligations are passed to the owners. Pass-through businesses also account for over half of all private sector workers. More than half of all pass-through income would be taxed at this new, higher rate.
- The Biden Administration has claimed that the majority of small businesses will be exempt from his tax hikes - but the Tax Foundation has said that's "misleading."
- In fact, almost 900,000 small businesses could be hit with Democrats' limitation of the passthrough deduction based on 2018 IRS data.