Small Business Owners Express Fear Over Current Economic Climate, New Survey Discloses

Widespread Concern Over Economy Under Biden's Administration

A recent survey has found that an overwhelming majority of small business owners are deeply concerned about the current economic state under President Joe Biden's administration. They fear that the prevailing conditions and the ongoing downward trends could result in the closure of their businesses.

Increased Fear Among Small Business Owners

As per the survey conducted by the Job Creators Network Foundation (JCNF) and reported by the Daily Caller, 67% of small business owners have expressed such fears about the current economy. This is a 10-point increase from the sentiments expressed two years ago. The survey also showed a decline in the participants' perception of economic conditions for their businesses from 70.2 to 68.1. The perception of national conditions fell even more dramatically, from 53.2 to 50.4.

Rise in Crime and Inflation Add to Concerns

Along with the economic concerns, small business owners are also feeling the impact of the rise in crime. According to the same survey, 44% of business owners reported an increase in crime in their area. The business owners who earn less than $100,000 per year were the most likely to report an increase in crime, at 55%. Meanwhile, those who generate over $1 million in revenue were less likely to report an increase in crime.

Inflation is another major concern for business owners. The survey found that 49% ranked inflation as the top issue in May, up from 48% in March. The inflation rate has remained stubbornly high at 3.4% in April and has consistently stayed above 3% since President Biden took office.

Impact on Small Businesses

Elaine Parker, president of the JCNF, stated, "Small businesses are more vulnerable to high taxes and costly regulatory environments compared to their large corporate counterparts." She further added, "That's why it's no surprise that 26% of small businesses say they've considered relocating to a different state or city to chase more favorable tax rates and escape government red tape. This presents an opportunity for free-market-minded governors to continue making their states stand out by implementing pro-growth policy reforms that will ignite Main Street."

Small Businesses Employ a Significant Portion of the US Workforce

According to estimates by Forbes, small businesses employ at least 46% of all employees in the United States, amounting to around 61.6 million people in total.

Closing Thoughts

This article raises important questions about the current economic climate and its impact on small businesses. What are your thoughts on this matter? Do you believe the fears of small business owners are justified? Share this article with your friends and engage in a discussion. Also, remember to sign up for the Daily Briefing, which is delivered every day at 6pm.