Appeared in The Daily Mail.
The Job Creators Network Small Business survey, exclusively obtained by DailyMail.com on Monday, shows that 73 percent of entrepreneurs are opposed to Biden’s plan to cancel $400 billion in student loans.
The figure is a rise in recent months as the Supreme Court took on the case challenging Biden’s relief plan and ruled against it in late June.
Biden proposed last summer his plan that would wipe clean billions in student loan debt.
Most borrowers with outstanding loans would receive up to $10,000 in relief under the plan – with those who had a Pell Grant qualifying for up to $20,000 in forgiveness.The only exceptions were for individuals making $125,000 or couples making $250,000.
The president directed the Education Department to implement a new rule for forgiveness using the 9/11-era HEROs Act. Immediate challenges to the rule rose the issue up to the Supreme Court with critics arguing the HEROs Act couldn’t be used and others saying the rule-making process was improper because there was no public comment period.
‘This latest round of polling includes good news and bad news,’ JCN Foundation President Elaine Parker said in a statement on the survey results. ‘The good news is the Supreme Court recently dealt a blow to government overreach by striking down the White House’s student loan bailout—a decision that more than 70 percent of entrepreneurs agree with.’
The bad news is that small businesses continue to be sucker punched by an economic riptide that is forcing many employers to pause hiring and wage increases,’ she added.
Small businesses, Parker said, aren’t ‘fooled’ by the ‘rosy economic picture’ the White House is painting.
Only 13 percent of the 400 small business owners surveyed said that they don’t agree with the Supreme Court ruling that Biden cannot override the legislative process by awarding mass forgiveness to student loan borrowers.
Another 14 percent of business owners are unsure where they stand on the ruling.
This is a jump in opposition to Biden’s proposal from the same poll in May that showed 70 percent thinking taxpayers shouldn’t be responsible for student loan debt and 18 percent saying they should be.
The smaller the business, the more opposed to widespread student loan forgiveness the employer was, according to the poll.
Seventy-four percent of those with between two and nine employees agree with the Supreme Court ruling to not burden taxpayers with student loan repayment. Employers with between 10-19 workers agree at the rate of 72 percent and 70 percent of businesses with 20 or more employees are against Biden’s plan.
Additionally, the more money the company brings in, the more likely they are to want borrowers to foot their own bill – with the exception of small businesses with revenue over $1 million.
More than eight in 10 small business owners with between $500,000 and $1 million in revenue are in favor of taxpayers not footing the bill. Conversely, only 59 percent of business owners feel the same who have revenue less than $100,000.
The monthly JCN Small Business survey conducted by pollsters John McLaughlin of McLaughlin & Associates and Scott Rasmussen of Rasmussen Reports provides insights into policies impacting small business employers.
Small business owners and employers are increasingly worried about the economic state of the country.
Two-thirds have paused their hiring and wage increases for workers due to current economic conditions in the U.S. – and 53 percent say ‘rising prices’ are their top business concern at the moment.
Meanwhile, Biden continued last week his tour of the country promoting his newly unveiled ‘Bidenomics’ plan.