The Job Creators Network Foundation (JCNF) just polled over 400 small business employers about the current economic conditions.
A huge majority (67%) said President Joe Biden’s economy could force them to close their business. Compared to two years ago, that number has jumped by 10%.
The top concerns were inflation at 49%, the overall health of the economy, and client spending was also a concern.
Sixty percent of business owners surveyed had a negative view of Biden’s job performance dealing with small businesses, while 38% gave him positive reviews.
Other concerns small business groups said they were dealing with were crime (44%), and 26% said they’ve considered moving to another state or city for lower taxes and less government regulation.
Fifty-eight percent of the surveyed small business owners said local and state regulations were getting worse, and complying with federal, state, and local regulations was too time-consuming.
Many of the negative effects small businesses are feeling are still COVID-related. JCNF says 34% of small businesses closed from January 2020 to May 2021. Though the supply chain has improved, and inflation has moderated some, the Biden economy isn’t doing enough to support and keep small business running at pre-covid levels.
Small businesses have also mentioned if the Trump era tax cuts are not extended, it will also have a negative outcome on their bottom line when it comes to areas of expansion, coupled with the Biden administration’s increasing regulations with a cost of over $1 trillion in just the last few months.
