Three out of four small businesses don’t think the American economy is robust enough, according to a new poll, despite President Biden’s assurances that it’s performing well.
Negative Outlook
And in worse news for the President as he seeks a second term in office, running in November’s election, is that another majority of respondents, 51%, believe the economy is getting worse.
Minority Favorable View
Only just under one quarter (24%) of 400 small business owners who took part in a survey for the Jobs Creators Network Foundation (JCNF), a nonpartisan entrepreneurs’ group, in December had a positive outlook on the US economy.
‘Lowest in Months’
The positive view among owners of small firms – there are more than 33.1 million such enterprises in the US, according to the government’s Small Business Administration – who believe the economy is either “good” or “excellent” is at its lowest level in just over a year, said JCNF.
Higher Price Pressure
Small businesses were in particular struggling to cope in the face of continued high prices driven by high inflation over the last two years, the group said.
‘Gloomy’ Year Ahead
JCNF President Elaine Parker said in a statement accompanying the survey’s results in early January that this year could be bad for American businesses and for Biden’s chances of re-election.
‘Rocky 2024’
Parker said: “It’s an unhappy New Year for American small businesses, whose view of the national economy is near a historic low. Only one-quarter believe US economic conditions are favorable. Despite the Biden administration’s claims, Main Street seems to be in for a rocky 2024.”
Is ‘Bidenomics’ Working?
President Biden says his economic policies – under the so-called Bidenomics strategy that, in his words, is “about growing the economy from the middle out and the bottom up, not the top down ” – has revitalized the American economy after it was ravaged by the coronavirus pandemic when many businesses were forced to close.
Biden’s 2024 Economy Message
The incumbent is hoping, say political analysts, that his handling of the economy will go down well with voters during Democratic primaries that will soon get under way and, if he becomes his party’s nominee, will return him to the White House in November.
Inflation Concerns
But despite the economy performing better than expected and a feared recession having not materialized, inflation remains stubbornly high, keeping the prices of products and services up and eating into businesses’ profits.
Rising Inflation
Inflation rose from 3.1% to 3.4% in December, the Federal Reserve said, and polls show the majority of voters are more concerned about high prices than the general economy – potentially signaling that Biden’s touting of the economy won’t win him votes.
More Jobs
Unemployment under Biden, meanwhile, is down, and the administration says it has created 13.9 million jobs so far.
Biden’s 2024 Chances
In an almost single-horse race, President Biden, 81, has around 70% support from registered Democratic voters, according to successive national polling, making him all but assured of the party’s nomination.
Concerns Over Another Biden Run
Polls also show that the majority of voters, including Democrats, believe Biden is too old for another run – or to manage the country for another four years should he be re-elected. A recent string of gaffes by Biden, in which he fumbled speeches and press conferences and tripped on stage and on the steps of the presidential plane, only added to those concerns, say political observers.
Biden and Trump Clash?
If Biden is chosen to run in the 2024 election, his likely opponent will be former President Trump, who controversially lost re-election to Biden in 2020. Trump has dominated the Republican Party race for its nomination, with a circa 50-point gain over rivals including Florida Governor Ron DeSantis and former South Carolina Governor Nikki Haley.
Trump’s Economic Promises
Trump, 77, has vowed to drive down inflation and impose new tariffs on imports if he is elected President again on November 5. But as with Biden, there are concerns over a Trump run too, mostly about indictments he has been hit with that carry a total of 91 criminal charges that could see him imprisoned.
Trump’s Troubles
Trump is charged with attempting to overturn the result of the 2020 election and block the peaceful transfer of power to Biden. He is also charged with mishandling confidential government documents and making hush money payments to cover up an alleged affair. He has denied all the charges.
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