New Poll: Biden Admin Policies Are a Net Negative for Small Businesses
Washington, D.C. (March 14, 2023)—Today, the Job Creators Network Foundation (JCNF) released the February 2023 edition of its monthly Small Business IQ Poll of 400 small business owners. The Small Business Intelligence Quotient, an index tracking overall small business sentiment about the economy, remained virtually unchanged at 56.2.
The polling also indicates Mainstreet is not a fan of President Biden’s agenda, with a ratio of 2 to 1 saying the administration’s policies have had a net negative effect on small businesses. Additionally, following JCNF’s recent oral arguments in front of the Supreme Court against the Biden administration’s illegal student loan bailout, two-thirds of small businesses say taxpayers should not be on the hook to cover the $400 billion price tag.
Other key takeaways include:
- Concerns over inflation have returned to a near record high.
- Nearly 60 percent of small business owners are concerned that economic conditions could force their businesses to close.
- By a 3 to 1 ratio, small business owners believe that IRS reporting requirements of single transactions of $600 or higher will have a negative effect on Mainstreet.
- The American Small Business Prosperity Plan—a policy blueprint developed by JCN to act as a guiding light for lawmakers—continues to enjoy strong support.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Mainstreet is not a fan of the Biden administration, with a ratio of two to one entrepreneurs saying that policies pushed by the White House are having a net negative effect on small businesses. The results aren’t surprising. Small businesses have been forced to grapple with persistently high inflation because of out-of-control government spending, rising compliance costs spurred by government red tape, and policymakers that continually threaten to raise taxes. Rather than continuing to wage a war on Mainstreet, lawmakers should look to the American Small Business Prosperity Plan as a North Star to empower entrepreneurs and supercharge the U.S. economy.”