Poll Reveals Small Business Owners' Concerns
A recent Job Creators Network Foundation survey reflects a rise in unhappiness among small business owners towards the current administration's economic policies. This response could be a serious issue for the sitting president, who is actively backing his economic recovery plan in the run-up to the next elections.
The JCNF Small Business survey questioned 400 small business owners with results showing a 14-month low in their outlook. 61% of respondents think 'Bidenomics' has harmed the economy, with only 26% viewing it as having had a positive effect.
This discontent with the economy also affected the President's overall job performance relating to small businesses, with 76% disapproving and only 22% approving. Moreover, only 24% have a favorable opinion of the current U.S. economic situation, with a massive 80% saying the cost of doing business has increased under the Biden administration.
The survey also reveals mixed views on the economy's direction, with 27% seeing a positive trend but a majority of 51% expecting things to get worse.
Elaine Parker, president of JCNF, commented that these findings indicate tough times ahead for American small businesses, with confidence in the national economy near historic lows.
Inflation concerns were highlighted by a recent Consumer Price Index report, which showed a rise to 3.4% in December, above expectations and possibly impacting the Federal Reserve's interest rate decisions. Housing costs were a significant contributing factor to this increase.
Alfredo Ortiz, president and CEO of Job Creators Network, echoed the concerns of small business owners, attributing the persistently high inflation to the Biden administration's spending policies.
Of the opposite opinion, the Small Business Administration said there have been 16 million new business applications under Biden and credited this growth to the president's economic policies. The SBA credits its efforts in supporting entrepreneurs and promoting competition for this 'boom.'
President Biden responded positively to these figures, emphasizing that the growth in small businesses is a direct result of his administration's strategies.
Despite these conflicting viewpoints, market reaction remained muted following the CPI report, with the S&P 500 showing little change.
As President Biden and his team intensify their campaign efforts, including the promotion of 'Bidenomics,' the survey results highlight the challenges they face in convincing small business owners of the effectiveness of their economic policies.