Small Business Owners Worry About Potential Negative Impact of Bidenomics

According to a new poll reported by the Daily Caller, two-thirds of U.S. small business owners are concerned that President Joe Biden’s economic policies will lead to their closure.

The Job Creators Network Foundation found that 67% of small business owners fear that the current economic situation could force them to shut down, a 10-point increase since 2022. The top concerns cited by respondents were higher prices and inflation at 49%, followed by the overall economy at 34% and general operating costs at 26%.

Elaine Parker, president of the JCNF, explained to the Daily Caller that small businesses are more vulnerable to high taxes and costly regulatory environments compared to larger corporations. She noted that 26% of small businesses have considered relocating to states or cities with more favorable tax rates to escape government red tape.

Approximately 46% of Americans (61.7 million people) are employed by small businesses, according to the U.S. Small Business Administration Office of Advocacy. The JCNF poll surveyed 400 small business employers from May 2-19, with a margin of error of 4.9%.

The Biden administration has credited a “small business boom” in April and highlighted the growth in business applications coinciding with a strong labor market. However, the concerns expressed by small business owners indicate apprehension about the future under current economic policies.

James Morley III is a writer with over two decades of experience in entertainment, travel, technology, and science and nature. You can reach him at ✉