Suppliers to my business are already making plans to deal with an impending war on fossil fuels and a $15 min wage. My work life will never be the same. Got the worst call ever from my top supplier just now. 2021 will be way worse than 2020.
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The situation at our ports is royally fucked up and not getting better. Our factories in the USA are short staffed because of social distancing. Our warehouses hold fewer products because of the need to social distance and also because making and stocking a larger number of SKUs is much more difficult and risky. As I result I have already lost 30% of the products I would be able to offer customers. Now add energy costs exploding and the min wage doubling and that whole chain is going to have to adjust further. For me, today, this meant I was notified that I will completely lose local distribution of my product and I will have to warehouse and inventory myself an even smaller amount of produc to be able to offer it quickly to consumers and take far too long to fulfill orders for everything else. Your situation may be different, but you should keep in touch and maintain a good relationship with any supplier that is critical to your business.
Steel prices and availability have been a disaster for the last few weeks too. It's only going to get worse with their plans.
I work for a mfg company and am seeing the same. Massive price increases in just the past month or so.
Also, I moved to a new house recently and had to buy some furniture. Some of the lead times on furniture are 6 months+ and I overheard the salesman say they are raising prices by 2% a month! (that would a 27% annual inflation rate)
I love manufacturing. I have been worked/owned/ been involved with it for 24 years and Trump was the first president in our lifetime to understand that America's greatness was due to our ability to produce. Biden will destroy it just like Obama, the Bushes, Clinton, et. all.