Washington, D.C. (December 9, 2022)—Today, the Job Creators Network Foundation (JCNF) released the November 2022 edition of its monthly Small Business IQ Poll of 500 small business owners. The Small Business Intelligence Quotient, an index tracking overall small business sentiment about the economy, dropped nearly half a point to 52.9—losing the modest gains experienced in September and October.
As the country heads into the heart of the holiday season, small business owners are getting more pessimistic—with concerns about inflation reaching the highest point since the survey launched in May of 2021. Additionally, 65 percent of those surveyed say they’re concerned that economic conditions could force them to close their businesses—the highest level of unease since the question began being asked in the Spring. Overall, looking back on the year, 7 in 10 small business owners grade President Biden’s job performance poorly. Forty-three percent of respondents gave him an “F.”
Other key takeaways include:
- 74 percent believe taxpayers should not be responsible for covering expenses associated with the Biden administration’s illegal student loan bailout. (JCNF has taken legal action to block the program’s implementation.)
- 72 percent of small business owners support making the 2017 Tax Cuts and Jobs Act permanent.
- Inflation has gone nowhere in the minds of small businesses as it continues to dominate their concerns and three-quarters (76 percent) don’t believe the Biden administration is doing enough to combat it.
- Three in five small business employers continue to believe the economy is in a recession.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Small business sentiment is souring as we enter the holiday season, which should be sending 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.”