Majority of Small Business Owners Fearful the U.S. Economy is Moving in the Wrong Direction
National Write Your Congressman Index identifies inflation, taxes, and uncertainty about the U.S. economy as top concerns for business owners
DALLAS, July 23, 2024 /PRNewswire/ — National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, released its Q2 2024 Index measuring Congressional and business sentiment. The Index found business owners’ trust, satisfaction, and hope in Congress at its highest level since 2020, but more than 67 percent of business owners are concerned and fearful the U.S. economy is moving in the wrong direction.
“Small business owners are concerned about how the election results may affect their business and are grim on the current U.S. economy,” said Randy Ford, President and COO of National Write Your Congressman. “While it is encouraging to see business owners’ trust, satisfaction, and hope in Congress have increased over the last four years, we know there are still feelings of uncertainty and fear. We encourage our members to continue using their voice to ensure their business priorities are heard in Washington.”
The 2024 Election
Of those who watched the first presidential debate, 95 percent said it did not change their voting decision for November. Only nine percent of business owners planning to vote are still deciding or considering their options. The survey was conducted prior to President Biden dropping out of the 2024 election.
Immigration, inflation, taxes, the U.S. debt ceiling and future government spending, regulations, and high interest rates were the most important topics business owners want candidates to address during the 2024 election.
“Thriving and succeeding over the past year has not occurred in our small, family-owned business. Inflation, uncertainty, and the mentality of the current federal and state administrations have been disastrous,” said James Bobst, Vice President, Corporate Relations & Human Resources, Pacific Fibre Products, Inc. in Longview, Washington.
Seventy-four percent of business owners anticipated their business would have been negatively impacted due to potential regulatory changes if President Biden was re-elected, while 83 percent expect a positive impact if President Trump is elected.
“With the help of our team members, leadership, and expansion, we have been able to maintain our sales. If we get new leadership in D.C., I believe our business will thrive,” said Roger Barnhart, Founder, Barnhart Bolt in Odessa, Texas.
Economic Outlook
Less than two percent of business owners think the economy is heading in the right direction. Half of small businesses have remained flat, while 31 percent are declining. Nineteen percent of small businesses are growing.
The survey found that inflation, taxes, uncertainty about the future of the U.S. economy, regulations, high interest rates, and hiring qualified workers are the most important issues facing business owners today.
“Thankfully, my businesses have been stable enough to endure these tumultuous times, but it has come at the expense of us having to raise prices on our customers to combat inflation costs we incur,” said Gary Hoffman of Tow King of Waco in Waco, Texas.
“Skyrocketing interest rates would be the biggest hurdle thus far in my three years in business. Required equipment needed to grow has become more and more out of reach as far as funding. Reduced regulations and changes are needed to foster and incentivize small business growth,” said Cam Caudle, Owner, Solid Rock Autobody LLC in Marshville, North Carolina.
Congressional Sentiment
Fifty-seven percent of business owners believe their elected U.S. Congressional Members know their opinions on important issues, an increase from Q1 2024. Forty percent believe their elected Congressional Members act according to their constituents’ input a slight decrease from Q1 2024.
“I want to see our elected officials work together for the good of the tax-paying citizens of this country,” said Ginger R. Bruvold of Outpost Feed & Ranch Supply in Lake George, Colorado.
Methodology
NWYC collected data using an online survey from June 28 through July 12, 2024. A total of 1,011 respondents participated. Respondents represent 46 of the 50 states in the U.S. Fifty-eight percent of business owners surveyed employ one to nine employees, and 39 percent employ 10 to 99 employees.
About National Write Your Congressman
Since 1958, National Write Your Congressman (NWYC) has empowered small businesses by providing nonpartisan information, research, and tools to connect with their representatives in Washington. As the nation’s largest, privately held, nonpartisan membership organization made up of small businesses, NWYC’s team of experts provides unbiased, nonpartisan information and research on top issues and pending legislation relevant to small business owners today. NWYC presents both sides of the issue so that members can form an educated opinion and let their elected officials know their opinion. For more information visit www.nwyc.com.
SOURCE National Write Your Congressman
