Last Updated on November 25, 2023 by Robert C. Hoopes
Title: Small Business Owners’ Approval of President Biden Hits a New Low
US President Joe Biden’s approval rating among small business owners has plummeted to a new low, marking a significant decline of 13% since the first quarter of 2021. According to recent surveys, business owners who strongly disapprove of Biden’s handling of the presidency outweigh those who strongly approve, indicating growing concern and frustration within the small business community.
One of the key challenges for Biden appears to be his struggle in effectively communicating his economic message to small business owners. Many find it difficult to connect with his policies and initiatives, resulting in a lack of support for his leadership in this crucial sector of the economy.
The survey findings also highlight the influence of political partisanship on the views of small business owners, with only a mere 7% of Republicans having a positive view of Biden’s presidency. Even among Democrats, support is mixed, as only 44% strongly approve of his handling of the presidency. Surprisingly, small business voters who identify as independents share more similarities with Republicans, with only 26% expressing approval of Biden.
While overall business confidence has rebounded across political leanings, negative perceptions of Biden persist. Inflation and interest rates have emerged as primary reasons for this lack of support from the small business community. Business owners lack confidence in the inflation outlook, experiencing rising costs and wages that erode profit margins and strain their operations.
Furthermore, the majority of small business owners believe that inflation has not yet peaked and anticipate prices to continue rising. This concern further underscores their dissatisfaction with Biden’s economic policies, as they seek stability and favorable conditions for their businesses to thrive.
As small businesses serve as the backbone of the US economy, their discontent with President Biden’s leadership poses a significant challenge for his administration. Biden will need to address the frustrations of small business owners head-on if he intends to regain their support and rebuild their confidence in his presidency. Otherwise, this downward trend in approval among this vital demographic may have far-reaching consequences for the Biden administration’s economic agenda.