The Job Creators Network Foundation (JCNF) recently conducted a survey of over 400 small business employers to gather their thoughts on the current economic conditions. The results showed that a significant majority (67%) of these employers feel that President Joe Biden’s economy could potentially force them to shut down their businesses, which is a 10% increase from two years ago.
The main concerns that emerged from the survey were related to inflation at 49%, overall economic health, and client spending. Sixty percent of business owners expressed a negative view of Biden’s job performance when it comes to dealing with small businesses, while 38% had positive reviews.
Other issues that small business groups mentioned facing included crime (44%) and 26% said they have considered relocating to a different state or city with lower taxes and less government regulation. Fifty-eight percent of those surveyed stated that local and state regulations were becoming more burdensome, and compliance with federal, state, and local regulations was overly time-consuming.
Many of the challenges that small businesses are currently grappling with are still linked to the impact of COVID-19. JCNF reported that 34% of small businesses closed between January 2020 and May 2021. While there have been improvements in the supply chain and moderation in inflation, the Biden economy is not seen as doing enough to support small businesses and help them operate at pre-COVID levels.
Small business owners have also expressed concerns that if the tax cuts from the Trump era are not extended, it could negatively affect their ability to expand. In addition, the increasing regulations imposed by the Biden administration, with a cost exceeding $1 trillion in recent months, are adding to the challenges faced by these businesses.