Before the Electoral College has even voted to confirm his media-declared victory, Joe Biden is already hurting Americans’ perceptions of the economy.
CNBC reported Monday that according to a new poll, “[s]mall business confidence has fallen to an all-time low” following a reported loss for President Donald Trump.
The Q4 CNBC|SurveyMonkey Small Business Survey, conducted between Nov. 10 and 17, polled over 2,200 small business owners on their outlooks for the future.
The results found that a combination of increased regulations and expectations of higher taxes under a presumed President Joe Biden has small business owners wondering how they are going to make it in 2021 and beyond.
Rough days ahead
When President Trump took over in 2017, all sectors of the economy exploded with activity and the stock market reached record highs.
Since then, politics have become “deeply” embedded “in the public’s assessment of the economy,” SurveyMonkey research science manager Laura Wronski said, according to CNBC — and the results of this new poll only bolster that assertion.
“The immediate shift in forward-looking sentiment that small business owners reported following the election reveals how deeply politics has become embedded in the public’s assessment of the economy, and in particular how divided the country is,” Wronski told CNBC.
“We’ve seen evidence of that every quarter, with Republican small business owners consistently reporting 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,” she added.
A bleak outlook
According to the Washington Examiner, the survey found that over half of small business owners believe that Joe Biden will be bad for their businesses, while only 34% believe he will be good for them.
It certainly doesn’t help matters that Biden and members of his party have frequently shown support for business closures and other restrictions that are meant to curb the spread of the coronavirus, but in the end, really end up hurting small businesses.
With a cold winter ahead, the restaurant industry is in an especially bad place, as many areas have banned indoor dining.
Unless President Trump and his legal team can turn things around and reverse what appears to be a victory for the Democratic White House nominee, small business owners will likely continue to have a bleak outlook on the future.