Biden’s Economy Is Killing the Trucking Industry

During the pandemic, freight prices skyrocketed, as did consumer demand, attracting thousands of new companies into the trucking industry. Now, a general economic downturn is dampening consumer demand while the cost of operations is higher. This is forcing carriers out of business. Experts believe we are heading into a trucking market crash caused by overcapacity, inflation, higher gas prices, higher cost for used trucks, and lower consumer demand. In 2021, a near-record number of new trucking companies of 109,340 opened for business. That was 50,202 more new trucking companies than in 2020.-- More...