The Biden economy is creating a recipe for disaster in America’s restaurant industry. Inflation continues to aim a blow at businesses, and owners and patrons are feeling it in a real way.
Brian Will, founding member of Will Restaurants Investments Group, was recently on Squawk Box to discuss the frustrating reality. Since 2023, his costs of food have skyrocketed over 20%. To keep his business afloat, Will has had to increase the price of his menu items not once, not twice, but three times within a single year.
The inflation situation is not just impacting the costs of the restaurant. It’s also pummeling employees’ salaries and maintenance costs by a 20 and 50 percent increase respectively. The severity of the issue has the co-anchor of Squawk Box, Joe Kernen, liken it to a crippling stagflation.
The effects of the inflation rate are more far-reaching than just business owners. It’s hitting the common American too. According to stats, if you planned on enjoying a meal out last April, it cost you 4.1 percent more than it would in the previous year.
The figures paint an even more devastating outlook when looking at averages. Over the last 39 months under Biden’s presidency, we’ve seen a shocking average of 5.5% inflation compared to a less severe 1.9% during Trump’s tenure.
This inflation isn’t just a minor concern – it’s affecting the livelihood of American business owners. Will had to increase his prices three times despite knowing it negatively impacts his customers. He highlighted that his business’s overall revenue plunged 11% even after the price raise. That’s concerning as without the increase, the profit margins would be lower.
Further emphasizing the magnitude of the inflation issue, Will gave an instance comparing maintenance and replacement costs. Given the current situation, it has become more expensive to repair a restaurant fryer than to replace it. In fact, it would take earnings from 111 tables just to replace a single fryer.
Fellow conservatives, we need to make our voices heard. Contact ABC News at (818) 460-7477, CBS News at (212) 975-3247, and NBC News at (212) 664-6192. We must highlight the disastrous impact that Bidenomics is having on the heart of our economy – small business owners.
In conclusion, it’s time to face the harsh reality – the current inflation rates are harming America’s entrepreneurs, small business owners, and average citizens. If this continues, we risk stagflation, a severe economic setback we can ill afford. We cannot watch idly as inflation eats into hardworking Americans’ businesses and livelihoods under Biden’s presidency. We have to speak up – it’s time to demand truth, fairness, and responsible economic policies.
