President Biden recently called on American businesses at his State of the Union address to "lower your costs, not your wages." This unrealistic request betrays the perspective of someone who has spent nearly 60 years in government.
It overlooks how labor costs are one of the biggest expenses businesses face. More broadly, the president's appeal ignores the historic inflationary challenges small businesses like mine face today.
The supply chain crisis makes it very difficult to find inputs for our products, let alone lower costs. The absence of components has forced me to more than double my purchasing staff. I've had to loop my mechanical engineers into the buying process to help identify available products that will work in place of missing parts.
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