Coffee shop owner blames Biden for skyrocketing costs hurting businesses: ‘He should resign’
Small business owners are depending more and more on credit cards to keep their businesses afloat, and some business owners blame the Biden administration for rising costs.
Maher Youssef, owner of Pluto Organic Cafe, told Fox News that his Seattle cafe has relied on credit cards to pay costs as inflation has risen. He believes the Biden administration needs to refocus its attention on helping small businesses that are struggling in this country.
“I think Biden should focus on that. If he can’t do it, he should resign,” Youssef told “FOX & Friends Weekend” co-host Will Cain.
Findings released May 1 by Bank of America show that small companies They are reacting to inflationary pressures within the economy by racking up credit card debt to finance their operations. Since 2019, small business credit card balances have increased 18%, according to aggregated and anonymized data.
BLACK RESTAURANT SAYS APPEARANCE WITH TRUMP WAS A ‘PLEA’ TO DECLARE HE’S FIGHTING
Seattle coffee shop owner Maher Youssef blames President Biden for not doing enough to help small businesses as costs have increased due to inflation.
While inflation has fallen sharply from a peak of 9.1%, progress has largely stalled since the summer. The latest government data shows that the consumer price index rose 3.5% in March, the highest level in six months.
The Bank of America report found that about 28% of small business owners have had to increase prices as a result, and 25% of these owners cited inflation as their top concern, citing data from the NFIB.
However, Youssef explained to Fox News that he could only raise prices minimally so as not to scare away his customers.
“We’re a small business, a small corporation, a small cafe. I can’t raise the prices. I can’t price the coffee for, you know, a couple of dollars more. The most we can raise the price is what’s 50 cents on the dollar?” “Because if you set crazy prices, people won’t buy from you,” he said.
SMALL BUSINESS OPTIMISM REACHES LOWEST LEVEL SINCE 2012: NFIB
Since 2019, small business credit card balances have increased 18%. (FoxNews)
The coffee shop owner called on Biden to help businesses here instead of spending money on aid abroad.
“I wonder: where is the money? Where are the taxes we pay? Biden makes us like slaves in a circle, takes our money and puts it in Ukraine, Israel and gives it to other countries instead of giving it to them. our own people. As an American citizen, where is the money? Youssef said. “Where is my money? Instead of helping small businesses, helping people here, are you just going to donate it to another country?”
“I think Biden should, instead of focusing on different countries, focus on this country and fix it. If he can’t do that, he should leave. Let someone else take care of it,” he continued.
President Biden has blamed corporate greed for companies raising prices in reaction to inflation.
In a February speech, Biden defended his administration’s efforts to lower prices but blamed big companies for raising prices and “ripping people off.”
CLICK HERE TO GET THE FOX NEWS APP
“But despite everything we’ve done to lower prices, there are still too many corporations in America ripping off people: price gouging, junk tariffs, greed, counterinflation,” Biden said.
“Well, this is going to stop. We Americans, we’re tired of being taken for fools,” he continued. “And that’s why we’re going to keep these guys: keep them and lower the prices.”
Megan Henney of Fox Business contributed to this article.
Source link
