Two-Thirds Of Small Business Owners Worried Biden's Economy Will Kill Their Business
Around two-thirds of small business owners say that current economic conditions under President Joe Biden could force them to close their doors, according to a new poll from the Job Creators Network Foundation (JCNF) reported by the Daily Caller.
According to the report:
Around 67% of small business owners were worried that current economic conditions could force them to close their doors, ten percentage points higher than just two years ago, according to the JCNF’s monthly small business poll. Respondents’ perceptions of economic conditions for their own businesses fell slightly in the month, from 70.2 to 68.1 points, with 100 points being the best possible business conditions, while perceptions of national conditions increased from 50.4 to 53.2 points.
Digging deeper, 44% of small business owners say crime has increased in their area, while 39% say it's remained the same. Businesses making less than $100,000 per year were the most likely group to say that crime has increased, at 55%, while those with over $1 million per year in revenue were least likely to say that crime is on the rise.
"Small businesses are more vulnerable to high taxes and costly regulatory environments compared to their large corporate counterparts," JCNF president Elaine Parker told the Caller. "That’s why it’s no surprise that 26% of small businesses say they’ve considered relocating to a different state or city to chase more favorable tax rates and escape government red tape. This is an opportunity for free-market minded governors to continue making their states stand out from the crowd by implementing pro-growth policy reforms that will ignite Main Street."
Currently around 46% of US workers are employed by small businesses - or 61.6 million people, according to Forbes Advisor.
.@JobCreatorsUSA's new report says the Biden administration has finalized 923 federal rules costing $1.6T since 1/2021. $1.2T in costs from rules finalized this year. Ooof: https://t.co/xDg8n9rwoC
— Gabriella Hoffman (@Gabby_Hoffman) May 31, 2024
SCOTUS reining in #ChevronDoctrine + federal bureaucracy can't come fast enough. pic.twitter.com/7nzeWHF6ky
The biggest concern among small business owners, of course, is inflation - with 49% expressing concern vs. 48% in March.
Another concern is complying with local, state and federal regulations, which 58% said was time-consuming, vs. 54% in April.
The Biden administration has finalized regulations imposing costs of over $1 trillion in just the last few months as agencies rush to protect their regulatory actions from possible rollback measures in the event that Biden loses the 2024 election.
Owners also held a overwhelmingly negative view of the president’s performance in helping small businesses, with 60% rating his performance negatively in May compared to 38% who rated it positively, according to the poll. The most common grade given for Biden’s performance by those surveyed was an “F” at 36%, followed by a “C” at 18%. -Daily Caller
The poll surveyed 400 small business owners, and was conducted between May 2 and May 19, with a margin of error +/- 4.9%.
