A majority of small business owners hope for Republican victories and believe their small businesses will benefit more from Republican candidate triumphs.
WHY IT MATTERS: According to Gallup, Americans trust small businesses more than any other institution. Small business owners are fixtures in their communities and could influence how their customers and neighbors view the overall state of the economy and the election.
KEY TAKEAWAYS: According to the Small Business Intelligence Quotient, an index tracker of small business sentiment regarding the economy, small business owners are displeased with democratic policies affecting the economy.
- 3 in 5 small business owners believe the economy is in a recession
- 56 percent of those surveyed feel that economic conditions could threaten their business
- Inflation is still a major concern and 71 percent of small business owners believe the Biden administration is not doing enough to remedy it
- A majority of small business owners believe the Inflation Reduction Act will increase inflation
- 72 percent of small businesses believe taxpayers should not be fiscally responsible for Biden’s illegal student loan bailout
BOTTOM LINE: Small business owners’ concerns about the economy mirror those of the general electorate. We will soon see if their party preference does too.
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