Think of it like your household budget, but instead of managing groceries and utilities, small business owners are dealing with an economy where every item on the shelf is getting pricier.

The Biden administration's economic policies, including stimulus checks and a federal minimum wage hike to $15 per hour by 2026, have been hailed as essential for workers' rights. But like any household budget that suddenly sees expenses rise without an increase in income, small businesses are struggling.

According to the National Federation of Independent Business (NFIB), a staggering number of these small business owners report finding it increasingly difficult to stay open while navigating these new economic realities. My late husband always said, “When you take away the ability for people to earn more than $15 an hour, you’re robbing them of their chance at a better future.”

Now imagine if your monthly bills were raised without any corresponding raise in pay. How long could you keep up? Small business owners are facing this very dilemma.

In the past, previous administrations under both Democrats and Republicans have implemented economic policies aimed at stabilizing and growing the economy. But today’s reality for small businesses is starkly different from those days of relative stability and growth. The current environment poses unprecedented challenges.

I did not want to believe this was happening until I spoke with several local business owners myself, each of them telling similar stories of trying to keep up with soaring costs while the government raises minimum wage without offering any financial support or adjustments for small businesses.

These policies threaten more than just the livelihoods of those who own and operate these businesses; they jeopardize the economic vitality of entire communities. Small business closures mean fewer jobs, less local investment, and a decrease in overall economic activity.

The analogy to your household budget is apt: when you can no longer afford your mortgage due to rising costs without an increase in income, where do you turn?

What does this mean for the next generation? For my grandchildren who hope to start their own businesses one day, or yours, what kind of world are we setting them up for?

I stayed up last night thinking about it. The worry I felt was overwhelming.

The economic realities facing small business owners today should be a wake-up call for all of us, not just those directly affected by these policies. This is no longer an issue that can be ignored or pushed to the side.

Please take five minutes to read more about how we got here and what needs to change.