‘Fed Up’: 60% of Small Business Owners Fear Biden’s Economy May Shut Them Down.

New Poll Shows Small Business Owners Concerned About Biden’s Inflationary Economy

A new poll commissioned by the Job Creators Network Foundation has revealed that nearly 6 in 10 small business owners are worried that President Joe Biden’s inflationary economy could force them to shut down their businesses. The poll surveyed 400 small business owners across the country, and 59% of respondents expressed concern that economic conditions under Biden could lead to the closure of their businesses. Additionally, 70% of respondents said they expect the nation’s small business climate to remain the same or get worse.

Biden’s Economic Plan Not Working?

These findings come as a rebuke of Biden, who has repeatedly defended his economy and economic policies in recent months. In February, Biden called the U.S. economy “strong,” and one month later, he said his “economic plan is working.” However, inflation has reached record highs under Biden, with food prices nearly 8% higher than they were last April.

For Job Creators Network Foundation president Elaine Parker, the poll shows that small business owners are “fed up” and “aren’t buying the White House’s economic fairy tale.” Parker said that small business owners need pro-small business policies that will benefit everyone, rather than doubling down on what’s not working.

Recession Concerns for Biden’s Campaign

Recession concerns could plague Biden’s campaign as the Federal Reserve hikes interest rates and banks tighten lending standards, moves that often signal an impending recession. In a February research paper, leading economists argued that the Fed’s interest rate raises cannot come without a recession. The Fed, in a May report, expressed concern that a decline in bank lending could cause a “slowdown in economic activity.” Former Obama administration economist Larry Summers said last month that inflation cannot be countered without significant economic decline.

Small Business Owners Support Policies to Ease Inflation

The Job Creators Network Foundation poll also highlights a number of policies that small business owners support to ease inflation. 81% of respondents said the Biden administration should balance the federal budget “to rein in spending and reduce inflation.” 85% expressed support for policies that would spur “domestic energy production to increase supply and lower prices” after the average price for a gallon of gas last summer exceeded $5 for the first time ever.

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