Small business owners are increasingly relying on credit cards to keep their businesses afloat, and some business owners are blaming the Biden administration for the rise in costs. Maher Youssef, owner of Pluto Organic Cafe, told Fox News that his Seattle coffee shop has relied on credit cards to pay for costs as inflation has surged. He believes the Biden administration needs to refocus its attention to helping small businesses who are struggling in this country.
While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer. The latest government data shows the consumer price index jumped 3.5% in March, the highest level in six months. The Bank of America report found about 28% of small business owners have had to raise prices as a result, with 25% of these owners citing inflation as their top concern, citing NFIB data.