Washington, D.C. (October 12, 2022)– Today, the Job Creators Network Foundation (JCNF) released its September Small Business IQ Poll of 500 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, rose by 0.4 points compared to the previous month. The indicator remains roughly 10 points below the series peak that was reached in July of last year.
When asked about the Biden administration’s plan to forgive some student loan debt, by a 5 to 4 margin, small business owners oppose the policy with 75 percent of respondents saying the move will not address the problem of high college tuition costs. Moreover, a majority of small businesses say the plan will make already high inflation worse.
Other key takeaways include:
- The belief that the U.S. economy is in a recession has grown to 61 percent, reaching as high as 70 percent and 71 percent in the Midwest and East, respectively.
- Inflationary concerns continue to dominate with 4 in 5 small business owners believing the Biden administration isn’t doing enough to combat it.
- 7 in 10 small business owners oppose doubling the size of the IRS, which would increase audits on taxpayers and small businesses.
- Concerns that economic conditions could force small businesses to close their doors increased from 54 percent to 62 percent.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Even as small business sentiment inches up, America’s entrepreneurs aren’t happy with Biden administration policies. A plurality doesn’t agree with the White House’s plan to cancel some student loan debt, 78 percent don’t believe the administration is doing enough to cool white-hot inflation, and a strong majority oppose supersizing the IRS, which was a main element of the misnamed ‘Inflation Reduction Act’ that President Biden signed into law. As we approach the midterm elections, the Biden administration’s war on small business is still raging. Americans should keep that in mind when heading to the polls.”