Employment connecting company RedBalloon released its Freedom Economy Index on how small business will deal with the outcome of next week’s election.
It surveyed over 80,000 small business owners and most said they could not handle another 4 years of Bidenomics.
Here’s the breakdown:
- If Trump wins, 83% said they plan to expand and invest more in their business.
- 87% fear if Harris wins, they may have to shut down.
- 92% of small business owners believe a Harris presidency will continue uncontrolled government spending.
- 91% said if Harris is elected, they will see their taxes go up.
89% said Harris would also bring increased government business regulation.
The outlook for the rest of the year doesn’t look good either.
- 25% of small business owners expect revenues to be flat this coming Christmas season, while 28% said they expect a decline in revenue compared to last year.
The survey also found that 57% of small business owners believe the US is headed towards a recession, with 33% saying there’s too much uncertainty to know how the economy is going. Less than 10% believe the U.S will avoid a recession.
- 63% of small business owners say their opinion about the direction of the US economy has soured in the past month.
- 52 % are now pessimistic or worried about the future of their business.
Revenue Slowdowns were also a concern when asked.
- 53% of small business owners say their revenue has decreased over the past 60 days, another sign of a slowing economy. Only 22% say their revenue has picked up steam, and 25% say revenues have been flat.
Survey analysis showed small businesses remain in a wait-and-see approach to staffing up to expand.
77% said they are neither hiring nor reducing staff. That’s up from 53.6% a year ago. Only 9.5% of employers say they are hiring to expand, while 9.7% say they are planning to reduce staffing.
