Small businesses do not trust Biden due to his low fiscal credibility.
A new RedBalloonand PublicSquarereport reveals that nearly half of small businesses in the United States believe they “definitely” or “probably” don’t stand a chance to survive another four years of Joe Biden presidency.
The survey, which polled 80,000 small businesses, found that 22.4 percent of respondents think they definitely don’t stand a chance to survive another four years under the Biden administration, while 26.2 percent say they’re probably not going survive another Biden term. (Related: ABC news poll: Almost NINETY PERCENT believe Biden isn’t fit to serve.)
“There is nothing I can afford to do in addition to what I’m already doing. If things don’t change, I’ll be finished,” one business owner said in the report.
Moreover, the findings reveal the precarious state of many small businesses, with 40 percent delaying bill payments and 70 percent putting staffing plans on hold to conserve cash flow.
“It’s been a difficult three years for America’s small businesses,” said PublicSquare CEO Michael Seifert. “While many inside the Beltway may feel like things are good, that isn’t translating to Main Street America – the frontlines of our small business economy.”
Andrew Crapuchettes, CEO of RedBalloon, echoed Seifert’s concerns, pointing to the ongoing struggles with inflation and the fear of stagflation among business owners.
“Just like families all across the nation, many small business owners are now in bill-paying triage,” Crapuchettes said in the report. “All of the government reports and happy talk from Washington, DC, doesn’t change that Americans continue wrestling with inflation, and a majority of small business owners now predict we’ll slip into stagflation.”
Small businesses do not trust Biden due to his low credibility
The RedBalloonand PublicSquarereport reflects a 2023 CNBC survey conducted among 2,000 small business owners.
According to the survey, only 30 percent of small business owners approved of Biden’s policies, while 56 percent stated that they “strongly disapprove” of his handling of the presidency. The respondents acknowledge inflation, regulations and age as contributing factors to their satisfaction, but they also stated that the major reason is the credibility of the president.
Small business owners cite several instances of misleading or inaccurate statements by Biden.
For instance, Biden claims to have created 13.5 million jobs since taking office, including 800,000 manufacturing jobs. However, critics argue that these positions are primarily a recovery from the pandemic-induced job losses rather than new creations. Biden also claims a significant reduction in inflation rates, while small businesses continue to struggle with higher prices for essential goods and services.
Moreover, Biden’s announcement of a $50 million investment in small businesses was really utilizing pre-existing funds rather than new allocations by the administration. The administration also took credit for resolving supply chain disruptions, even though these improvements were attributed to broader economic factors rather than specific governmental actions.
Biden also proposes regulatory measures that view small businesses as hindrances to growth, including increases in minimum wages, overtime regulations and changes in employee classification and unionization processes. He also claims to benefit entrepreneurs of color, despite data showing that the surge in business ownership among minority households predates Biden’s presidency and is influenced by external factors initiated before his tenure.
Furthermore, assertions of record-high new business formations during the Biden administration have been challenged, as these trends were observed before his term and are attributed to broader socio-economic shifts rather than specific policy interventions. In short, the decline in trust among small business owners stems from perceived discrepancies between Biden’s statements and the realities they face onsite.
Visit JoeBiden.news for more stories about Biden’s abysmal performance as president.
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