3 Biden administration policies impacting small businesses

Last Updated on May 7, 2024 by Robert C. Hoopes

Small Business Week celebrations across the nation were recently overshadowed by what many are calling a regulatory assault from the Biden administration. The week, meant to highlight the contributions of small businesses to the economy, was clouded by the challenges facing employers including inflation, rising costs, labor shortages, and increasing government regulations.

The Biden administration has been focusing on eliminating what they refer to as “junk fees” imposed by private companies, while also issuing a blanket ban on non-compete agreements. This move by the Federal Trade Commission is currently facing legal challenges.

Adding to the burden on small businesses, President Biden has promised to let the Trump-era tax cuts expire, raising taxes on nearly everyone. This comes as economic warning signs continue to emerge, with missed GDP growth projections and rising inflation further straining the economy.

Recent actions taken by the Biden administration have not instilled hope for small businesses or the overall economy. Polls show that a majority of Americans believe economic conditions are poor, and Biden’s approval ratings concerning the economy remain low.

As small businesses struggle to navigate these challenges, many are left wondering what the future holds. With the regulatory environment becoming increasingly burdensome and economic conditions remaining uncertain, the road ahead for small businesses appears to be a rocky one. Stay tuned to My MBA Career for updates on how small businesses are faring in the changing economic landscape.