Ranking Member Edward J. Markey (D-Mass.) has released a report outlining the effects of President Donald Trump’s economic policies on small businesses and working families in the United States. The report, published on February 11, details increased costs for small businesses, including a $63.1 billion burden from tariffs since March 2025, higher health care expenses due to changes in Medicaid and Affordable Care Act tax credits, rising electricity bills, and unaffordable child care.
Markey’s report criticizes the Trump administration for implementing policies that he says have made life more expensive for Americans while providing tax benefits to wealthy individuals and large corporations. “Small businesses don’t have Mar-a-Lago memberships, golden gifts, or ballroom invitations granting them special exemptions from Trump’s reckless economic policies, including his tariff taxes,” said Ranking Member Markey. “Since Inauguration Day, Trump has made life more expensive for Americans—driving up costs on everything from health care, electricity, and groceries to child care and housing—all while giving tax cuts to CEO billionaires and currying favors with big business. As Trump’s affordability crisis wreaks havoc on Main Street, we must fight back to protect small businesses, working families, and communities in Massachusetts and across the country.”
According to the report’s findings:
– Small businesses have paid over $63.1 billion in tariffs since March 2025.
– Businesses with fewer than 500 workers lost 132,000 jobs since April 2025.
– U.S. manufacturing contracted for ten consecutive months as of December; factories shed 72,000 jobs since April.
– More than 18 million small business owners and workers face higher health insurance costs after Medicaid cuts and ACA premium tax credit expirations.
– Over half of small businesses saw electricity costs rise last year; household electric bills increased by an average of 11.5 percent.
– Seventy percent of families reported that raising children is too expensive—a significant increase from previous years.
– A record number of renters—22.6 million—are struggling with rent affordability.
– The administration’s immigration policy changes could reduce immigrant workers by over three million.
Markey has taken several actions in response to these issues:
He condemned attacks on rural communities at a recent Senate Small Business Committee hearing focused on agricultural economies. In December, he joined Senator Tim Kaine (D-Va.) at a press conference addressing rising costs faced by small businesses under current economic policies.
In November, Markey sent letters to federal officials urging an equitable process for refunding tariffs paid by small businesses and called attention to their concerns at another press event.
Earlier legislative efforts include introducing the Small Business RELIEF Act—which would exempt small businesses from certain tariffs—and attempting to pass the Small Business Liberation Act aimed at broader tariff relief; both measures were blocked by Senate Republicans.
The Senate Small Business and Entrepreneurship Committee plays a role in supporting informed decision-making on national fiscal priorities through oversight of budget processes and analysis provided by the Congressional Budget Office (official website). The committee also offers Congress policy options regarding federal budget components (official website) and was established through legislation enacted in 1974 (official website).
The committee operates out of Washington D.C., contributing nonpartisan analysis as part of its mandate (official website). Its work includes examining federal spending priorities via resolutions and reconciliation instructions (official website), ensuring oversight throughout congressional budget planning (official website).
