Small Business Owners Worry About Biden’s Economic Policies

A recent survey shows a growing dissatisfaction among small business owners regarding President Joe Biden’s management of the economy. This highlights the significant challenges they are encountering under his leadership. Conducted by various sources, these surveys reveal a troubling outlook for many entrepreneurs.

According to a poll from the Job Creators Network Foundation, 61% of small business owners prefer former President Donald Trump over Biden for the upcoming 2024 presidential election.

A small business owner in NY recently faced significant tax and cost increases.

Her expenses for fuel, car insurance, and property taxes have substantially risen, impacting her business.

— I Meme Therefore I Am 🇺🇸 (@ImMeme0) April 16, 2024

This preference reflects concerns over economic policies that many believe impede growth and create additional operational hurdles.

Another study reported by the Western Journal discloses that a notable 63% of small businesses have halted hiring due to economic uncertainties. This decision stems from challenges such as inflation, high labor expenses, and lasting effects from pandemic-related shutdowns.

A view suggesting challenges for small businesses in the current American landscape.

— Nivi (@nivi) June 3, 2024

Moreover, 47% of respondents are apprehensive that their businesses might be at risk of closure if the present economic conditions persist.

Further underscoring the seriousness of the situation, a survey by the Freedom Economy Index reveals that nearly 50% of small business owners doubt their survival through another Biden term. The concerns about stagflation and escalating expenses are leading some to contemplate shutting down their businesses or selling to larger competitors. This sentiment is particularly strong in sectors like retail, construction, and the automotive industry, which have been severely impacted by economic instability.

Despite some positive reports indicating a record number of new business applications under the Biden administration, the prevailing sentiment among current small business owners remains grim. Many feel encumbered by regulatory pressures and economic policies that they believe inhibit their ability to succeed.

With the 2024 presidential election on the horizon, the economic policies and their effects on small businesses are likely to be a central issue, influencing voter preferences and shaping the political landscape.