A Job Creators Network Foundation (JCNF) survey revealed that seven out of 10 small business owners rate President Joe Biden's job as "negative" when it comes to dealing with the issues that affect them on a daily basis.
Bad reviews of the president's performance were seen from small business owners across different income levels. A majority (67%) of owners with less than $100,000 in income disapproved of Biden's management. An even greater proportion (72%) of those earning more than $1 million agreed.
As Just The News notes, "Such feelings, if they persist, could spell trouble for Biden's reelection prospects in 2024, particularly if any recession that does happen ends up being sharper and/or longer than more optimistic predictions are projecting."
An undeniable recession
The survey noted that 60% of homeowners now believe the economy is in recession, up from 57% in August of this year. It also found a worsening economic outlook over the past 18 months. In May 2021, 61% of retailers expected their financial situation to improve in the remainder of the year. As of October 2022, that figure has fallen to 45%.
In contrast, the number of respondents predicting a worsening financial situation has more than tripled in that same time: from 5% (May 2021) to 17% (October 2022):
That worsening outlook is likely the product of what most analysts predict is a looming recession. Aggressive Federal Reserve efforts to raise interest rates in order to combat spiraling inflation have led to an economy that appears to be teetering on the brink of a sharp contraction.
Elaine Parker, president of the JCNF, stated that the numbers "should set off alarm bells within the Biden Administration."
Entrepreneurs are feeling pessimistic because of high inflation, the threat of tax increases associated with government programs like the proposed $400 billion illegal student loan bailout, and more government red tape. The survey represents a clear rebuke of policies pursued by the White House thus far this year—suggesting the administration should reverse course in 2023.
