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The US economy is in recession, inflation is hovering around a 41-year high, and real wages have fallen for 17 consecutive months. Another economic direction from Washington is urgently needed.

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Small business support policies can overcome this economic stagflation. New and expanded small businesses can increase the supply needed to lower prices, boost economic growth, and raise real wages.

We have developed an eight-point plan that all politicians in Washington must support to bring small business back. Job Creator Network – Newt Gingrich American Small Business Prosperity Plan, which was announced today, is a comprehensive agenda that removes the biggest hurdles that hinder entrepreneurs. This is what Americans want and need in Washington.

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One of the most important aspects of the plan is the call for an immediate end to all reckless federal spending that fuels the inflationary fire. Last week, the Labor Department announced that consumer prices rose 8.3% from the previous year. Wholesale prices affecting small businesses rose even faster.

This rapid inflation is hurting small businesses disproportionately, which do not have economies of scale or preferential purchasing agreements like their big competitors. The Job Creators Network Foundation’s monthly SBIQ survey shows that inflation is by far the biggest problem entrepreneurs face.

Congress and the Biden administration injected several trillion dollars of unnecessary and counterproductive spending into the economy, resulting in too many dollars being spent on too few goods. The president recently proposed doubling that inflationary cost by writing off student debt of up to $1 trillion. This unfair and illegal move would thwart the Federal Reserve’s efforts to impose price controls. The prosperity plan will stop such inflationary spending in its tracks, helping to moderate the runaway prices that are weighing on small businesses and consumers.

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Similarly, the Prosperity Plan calls for domestic energy production to reduce outrageous gas and energy prices that hurt small businesses disproportionately. Gas prices have risen by about two-thirds since Biden took office, pushing up costs for businesses and consumers.

Biden administration directly contributed to this pain at the pump with bans on oil production and transportation. The administration has leased fewer acres of land for oil and gas drilling than any presidential administration in 76 years.

Prosperity Plan urges politicians to change course current restrictive energy policyenabling increased domestic production to drive down prices, stimulate small businesses, and bolster the country’s hard-earned energy independence.

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The Prosperity Plan also calls on Washington to finally address the perennial problem of ridiculous health care costs that chronically burden small businesses and ordinary Americans. The small business currently requires $21,804 per year to provide an employee with family health insurance. This cost is a significant barrier to small business growth.

Instead of tackling the underlying problem of skyrocketing health care costs, Washington has chosen to simply cover it up by increasing taxpayer subsidies, which only exacerbates the problem.

The Prosperity Plan calls for market-based solutions to actually reverse health care spending trends. These include price transparency, expansion of tax-free savings accounts, and increased direct care. These reforms will purge the cabinet of inflationary bureaucrats and government officials and restore the doctor-patient relationship. These healthcare solutions could arm Americans to tame the American healthcare monster that is devouring the productive small business economy.

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Small businesses also need tax and regulatory certainty to expand with confidence. Therefore, the Prosperity Plan calls on Congress to make permanent Tax Cuts and Jobs Actwhich was very beneficial for small businesses. Countless small companies, from Guy Chemical in Pennsylvania to HM Manufacturing in Illinois, have used TCJA’s tax savings to hire, expand, and raise payroll.

The TCJA expires after 2025, and one vital provision – immediate write-offs – ends after that year. Congress should prioritize blocking these tax savings for small businesses to help entrepreneurs who have been through so much in the last couple of years.

Similarly, the plan calls for regulatory certainty for small businesses, exempting them from the new rules. The Biden administration has launched a regulatory offensive that costs small businesses disproportionately to comply with. This position would give them a much-needed respite.

The Prosperity Plan also addresses the chronic labor shortage faced by small businesses by restoring the Social Security work requirements that the Biden administration disruptively halted. Most Americans agree that able-bodied welfare recipients should work in exchange for taxpayer generosity.

The plan also works to overcome the lack of access to capital faced by small businesses by encouraging new lending opportunities such as FinTech. Finally, he calls on Congress to investigate the ongoing supply chain unrest preventing small businesses from getting the supplies they need.

The American Small Business Prosperity Plan is a set of smart solutions to help small businesses overcome the major economic challenges facing the nation. It’s not politics, it’s just what works for small businesses. To the extent that this is implemented by the next Congress, American economy and the American dream will flourish again.

Former Speaker of the US House of Representatives Newt Gingrich is best known as the author of the Contract with America, which helped the Republican Party regain its majority in the House of Representatives for the first time in 40 years. Gingrich was also the Republican nominee for President of the United States in 2012. Read more

Alfredo Ortiz is President and CEO of the Job Creators Network, a non-partisan organization founded by entrepreneurs.