Small Business

Just two weeks from the start of tax filing season, an efficient and functioning Internal Revenue Service (IRS) has never been more important. The overwhelming majority of Americans pay their taxes; however, 90 percent of the $80 billion in new IRS funding in the Inflation Act would pave the way for more audits on working class families.

Christmas is going to look different for many Americans because of ongoing supply chain challenges and soaring inflation. We have seen shortages of items such as appliances, jewelry, electronics, holiday food items such as turkey, and even Christmas lights and trees. Faced with a serious hike in input costs, more than 70 percent of wholesale Christmas tree growers have been forced to increase their prices by up to 15 percent over last year.

According to a recent survey, 60 percent of Americans are living paycheck to paycheck, and 71 percent of workers feel their pay isn’t keeping up with the cost of living. The numbers bear this out – 6.2 percent wage growth alongside 8.3 percent inflation means that Americans’ paychecks are worth 2.1 percent less than they were at this time last year. Employers are scaling back their plans to hire new workers and beginning to plan for potential layoffs.

A common refrain I hear from employers across Nebraska’s Third District is how difficult it has become to find workers to fill the job openings they have. As the unemployment rate rose to a six-month high of 3.7 percent in August, according to the Bureau of Labor Statistics, the number of job openings in America sits at roughly 11 million. Job openings in the U.S. outnumber job seekers by a margin of nearly 2-to-1.

American families across the country are grappling with increasing costs and economic uncertainty. Last week, the Consumer Price Index confirmed costs of household items, energy, and services have risen by more than 8 percent, on average, over the last 12 months. Consumers are tightening their budgets, purchasing less, choosing generic groceries more, and often going without.

The greatness of the United States stems not just from the political and religious freedom protected by our Constitution, but also the economic freedom it protects, ensuring individuals have the greatest possible opportunity to benefit from their hard work, ingenuity, and perseverance. Our state was built by homesteaders who were given the opportunity to build farms, businesses, and communities, earning the land they worked on through sweat equity. The hardworking people of Nebraska, and the communities where they work together, are what makes our state so great.