Almost 50% of small businesses say they likely won't survive a second Biden term


May 21, 2024

It's been a difficult three years for America's small businesses and families.



Almost 50% of small businesses say they likely will not survive another Biden presidential term and see stagflation as inevitable, according to a new Freedom Economy Index survey. 

The survey, a product of the Red Balloon job site and the Public Square shopping site, was released Thursday and found that 22.4% of businesses said they definitely wouldn't survive another Biden term while 26.2% said they probably would not survive. 

The Consumer Price index reported that while inflation eased a little in the month of April, consumer prices are still increased at an annualized rate of 3.4%, according to CNBC News. 

Moreover, the findings reveal the precarious state of many small businesses, with 40 percent delaying bill payments and 70 percent putting staffing plans on hold to conserve cash flow.

When asked what changes small businesses would make in preparation for a second term under President Joe Biden, some answers included, "close my business" and "actively look at selling out to a larger competitor."

The Freedom Economy Index also surveyed small businesses' opinion on House Speaker Mike Johnson, R-La., and 40% said his performance has been "highly disappointing" and 15.3% said it was "poor."

Earlier this month, the House of Representatives voted overwhelmingly to table a petition to remove Johnson as speaker, as Republicans in the House Freedom Caucus have been disappointed in his performance after different foreign aid bills were passed. 

The survey was conducted April 30 to May 10 and surveyed 80,000 small business owners and had 754 respondents with a 4% margin of error at the 95% confidence level. 


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