Memphis Standard

NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) released a video addressing the impact of inflation and rising prices on Tennesseans. In the video, Senator Blackburn converses with a small business owner in East Tennessee who describes how increasing costs have complicated material affordability, customer pricing, and employee hiring.

The business owner noted that materials purchased for $18.84 per thousand in 2018 now cost $32.91 per thousand in 2024, reflecting nearly a 75% increase.

“President Biden and Vice President Harris have continued to downplay the devastating impact of inflation, but hardworking Americans are feeling that impact each and every day whether it’s at the gas pump or the grocery store. What Tennesseans want to see is action to get this inflation under control,” said Senator Blackburn.

According to data provided by Senator Blackburn's office:

- A Tennessee family is paying an average of $1,017 more monthly for goods and services since President Biden took office.

- Under the Biden administration, inflation reached its highest rate in 41 years with prices up more than 20%.

Specific price increases include:

- Rent: +21.99%

- Energy: +40.23%

- Fuel oil: +35.70%

- Groceries: +21.63%

- Gasoline: +45.22%

- Electricity: +30.86%

- Natural gas: +24.70%

These rising costs have heavily burdened Tennessee businesses by increasing operational expenses, disrupting supply chains, reducing consumer demand, and complicating employee hiring and retention.

This year saw the National Federation of Independent Business Small Business Optimism Index drop to its lowest level since 2012.

In May, Senator Blackburn issued a fact sheet highlighting the hidden tax of inflation on hardworking Americans and has proposed measures to reduce federal spending on non-defense items by 1%, 2%, and 5% as part of efforts to restore fiscal responsibility.

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