|Unleash Prosperity Hotline
|1) Small Businesses Are Petrified of the Biden Agenda
Teacher unions, trial lawyers, the media, and climate change fanatics were the big winners of the Biden election. The big losers: small business owners. A new CNBC poll of some 2,000 small business executives found that confidence in the future hit its all-time low after the Biden election. Yes, the new round of shutdowns hurt optimism as well, but business confidence fell more with the election of Biden than even during the height of the coronavirus pandemic.
The survey found a big partisan divide. Only four in ten Republican small business owners were confident versus almost 60% of Democrats. But owners of small firms are twice as likely to identify as Rs than Ds. Three of four GOP business owners are worried about taxes rising, and 72% are worried about re-regulation.
According to the survey statisticians:
“Republican small business owners have consistently reported a higher degree of confidence than Democrats, but the election of Joe Biden is the first opportunity we’ve had to see whether that would flip if presidential power changed parties — and it did dramatically.”
We at CTUP are not the slightest bit surprised by this result. Exactly four years ago, when Trump was elected, the NFIB business owner survey saw the biggest increase in small business confidence in November 2016 than at any time in decades – see chart. Dems are the party of corporate America that has a massive lobbying presence in Washington. Repubs are the party of small business.
Subscribe to receive our full hotline