According to a recent survey, small American businesses are increasingly unable to pay their rent due to rampant inflation, rising gas prices, ballooning supply chain expenses, and a concurrent drop in consumer spending.
According to Alignable’s Oct. Rent Report, 37% of small company owners polled in October weren’t able to make their rent payments. In September, the delinquency rate was 30%. The 7% increase was the largest and fastest month-to-month increase in 2022.
According to Alignable, 59% of owners of small companies reported a drop in consumer spending at their establishments in Oct.
The delinquency rate for small enterprises in the education sector increased to an astounding 57%.
The automotive and restaurant industries both hit new delinquency highs of 49%, the highest of the year. According to the auto shops, supply chain concerns have resulted in rising metal and electronic prices, as well as a shortage of inventory. The restaurant sector’s delinquency rate of 49% increased by 13% from 36% the prior month.
Approximately 43% of merchants said they really can not pay their rent, a 12% increase from Sept. Transportation employment increased from 38% in Sept. to 46% in October. The delinquency rate for construction and real estate enterprises increased from 27% in Sept. to 37% in Oct.
The Northeastern states were affected hard; in Massachusetts, 51% of small firms said they couldn’t pay their rent. New Jersey had a record-breaking rent delinquency average of 49%, while New York had a rate of 45%.
With a delinquency rate of 44%, California and Pennsylvania nearly tied New York.
Most of the rising costs are from supply chains. Delivery trucks and trains run on diesel fuel. There is no EV substitute for trucks or trains, so Biden’s war on fossil fuels is to blame for this. Now another concern is military machine fuel, again there is no EV substitute for tanks, or any other military vehicles. EVs do not move heavy equipment period. Biden’s administration is moronic in their demand for green energy solutions right now. It doesn’t work that way, you can’t legislate inovation, or ideas.
This administration is the most inept one in this country’s history even the Carter one wasn’t this bad. Time to remove it before 2024 because this country won’t survive 2 more years of obiden /harris. The entire administration needs to be impeached. A biased doj , the censoring of free speech, the energy crisis, high inflation sending us into a recession then into a depression which is likely. The chance of starting WWIII. There is very little confidence in this administration, even our allies are laughing at us and don’t have confidence in biden.