According to a recent survey, President Joe Biden’s approval rating among small business owners has hit a record low. The CNBC/SurveyMonkey Small Business Survey found that only 30 percent of small business owners approve of Biden’s performance. This new information marked a significant drop from his early days in office when he had a 43 percent approval rating among this group.
The survey, which collected feedback from over 2,000 small business owners across the country, also revealed that 56 percent of business owners strongly disapprove of Biden’s presidency, while only 13 percent strongly approve.
In response to these findings, the Biden administration has pledged $50 million to support small businesses under the American Rescue Plan funds. The administration has emphasized the importance of small businesses as a critical pillar of Bidenomics, the president’s economic vision.
The White House has highlighted achievements in Black business ownership, noting that between 2019 and 2022, the number of Black households owning a business more than doubled after a decline between 2007 and 2019. Additionally, the Biden-Harris Administration awarded small businesses a record-breaking $163 billion in federal procurement opportunities in 2022. This award included significant funding for Small Disadvantaged Businesses and service-disabled veteran-owned small businesses.
A recent NBC News poll showed that 60 percent of all registered voters disapprove of how Biden manages the economy. At 3.2 percent, inflation is a significant concern for many Americans, with groceries and housing becoming increasingly unaffordable.
Zack Hellman, owner of Tax Prep Tech in Los Angeles, has observed the impact of inflation on small businesses. He notes that many of his small business clients struggle with increased costs but acknowledges that the United States has handled inflation better than many other developed countries.
Despite inflation gradually decreasing, 70 percent of small business owners believe prices will continue to rise, according to the survey. Rising supply costs and increasing wages are among the challenges small businesses face.
Only 18 percent of respondents expect better business this holiday season than last year. Nearly half of the small business owners identified inflation as the most significant risk to their companies.
Only 44 percent of Democrats strongly approve of his performance, while 42 percent somewhat approve. Among independents, a crucial group in the upcoming 2024 presidential election, only 26 percent approve of Biden’s performance, and 5 percent strongly agree.
A Harvard CAPS-Harris Poll survey found that 42 percent of voters believe the economy is strong today, the highest number since February. Additionally, 30 percent reported that their financial situation is improving, a 6-point increase since July. Nationally, 47 percent expressed optimism about the upcoming year, a 4 percent increase from the previous month.
As small business owners navigate these economic uncertainties, their perspectives and experiences will continue to shape the dialogue around Bidenomics and the future of the American economy.