Staff Reports
According to a recent poll conducted by the Job Creators Network Foundation, small business owners in America are giving President Joe Biden a failing grade when it comes to his efforts to help their businesses thrive. In fact, a staggering 43 percent of small businesses awarded Biden an “F” compared to just five percent that gave him an “A.” This is a clear indication that Biden’s so-called “Bidenomics” is not resonating with the small business community.
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The poll, which measured the Small Business IQ for August, revealed that small business owners have serious concerns about the state of the economy under Biden’s leadership. Only 25 percent of respondents said the economy is “excellent” or “good,” with 59 percent stating that it is getting worse. One of the biggest concerns cited by small business owners is inflation, which is driving up prices and cutting into their profits. It’s no wonder that 52 percent of small businesses rated higher prices as their biggest concern.
Another significant concern for small business owners is the impact of the banking sector’s instability and new regulations on their businesses. A whopping 59 percent of respondents expressed concerns that banking woes will affect their businesses, while 65 percent worry that new regulations will make it more expensive to get loans. On top of that, dealing with local, state, and federal regulations is already a time-consuming process for 56 percent of small businesses.
Despite these challenges, small business owners remain optimistic about their own businesses. Forty-five percent said their financial conditions have improved compared to last year, and 71 percent expect to be profitable over the next year. However, their overall view of the small business climate is less rosy, with 58 percent saying it is fair or poor. Furthermore, 43 percent expect the small business climate to worsen in the near future, indicating a lack of confidence in Biden’s ability to turn things around.
It’s clear that Biden’s economic policies, which he likes to tout as “building the economy from the bottom up and the middle out,” are not resonating with small business owners. Instead, they see his policies as harmful to their businesses and hindering their ability to expand and hire employees. This sentiment is echoed by Job Creators Network Foundation President Elaine Parker, who stated, “As students return to school, small business owners are giving President Biden a failing grade for his harmful policy agenda.”
In addition to their dissatisfaction with Biden’s economic policies, small business owners also have concerns about the state of education in the country. When asked about declining test scores in public schools, 28 percent of small businesses said involving parents was the best solution. Furthermore, 90 percent of small businesses believe that colleges and universities overcharge their students, emphasizing the need for reform in higher education.
Overall, the August Small Business IQ Poll paints a bleak picture for small business owners under Biden’s leadership. They are facing challenges such as inflation, banking instability, and burdensome regulations, all of which are hindering their ability to thrive. It’s clear that Bidenomics is failing small businesses, and it’s time for a change in economic policies that truly support the backbone of our economy.
