Small Businesses Sour on U.S. Economy, Disagree with Biden Admin Energy Policies
Washington, D.C. (May 13, 2022)—Today, the Job Creators Network Foundation (JCNF) released its April Small Business IQ Poll of 500 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall small business optimism about the economy, ticked down by 0.7-points compared to the previous month. The indicator continues to be depressed as high inflation remains the biggest concern among small business owners.
Additionally, only 27 percent of small businesses view the current condition of the U.S. economy as either “good” or “excellent”—the lowest reading in this area since the poll began in May 2021. Parsing out the data by employment level, small businesses with fewer than 20 workers have the gloomiest view.
Other key takeaways include:
- Employers on the East Coast feel they are in a worse position than their counterparts in other areas across the country (Midwest, South, and West). More specifically, entrepreneurs in the East have poorer views about both the current small business climate and the direction it’s heading.
- Seventy-seven percent of small businesses support expanding the oil and natural gas pipeline infrastructure in the U.S.
- Ninety percent of small businesses believe increasing American manufacturing and reducing our reliance on importing will create jobs, improve the economy, and address supply chain problems.
- A majority of small businesses (57 percent) say they have or anticipate making significant operational adjustments amid economic and labor challenges—including high inflation, labor shortages, and supply chain issues—in order to stay in business.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“While the Biden administration is touting a ‘small business boom’ and misdirecting the public, our polling shows without a doubt that Main Street is suffering. Small businesses are having a difficult time grappling with persistently high inflation, disruptive supply chain problems, and labor shortages—not to mention the threat of higher taxes and government red tape. It’s time for the White House to stop playing the blame game and take some responsibility.”