Washington, D.C. (November 4, 2022)—Today, the Job Creators Network Foundation (JCNF) released the midterm election edition of its monthly small business polling. As Americans prepare to head to the ballot box next week, a majority of the 500 small business owners surveyed favor Republican victories. More specifically, by a margin of 6 to 2, respondents believe small businesses will benefit if Republican candidates perform well in the midterms.
Additionally, the Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, remained flat in October compared to the previous month. Other key takeaways include:
- Three in five small business owners continue to believe the economy is in a recession.
- Fifty-six percent of respondents still feel threatened that economic conditions could force them out of business.
- Inflation remains a dominant concern and 71 percent of small businesses don’t believe the Biden administration is doing enough to combat it.
- A majority of small business owners believe the Inflation Reduction Act—a centerpiece of the Biden administration agenda—will increase inflation.
- Seventy-two percent of small business owners believe taxpayers shouldn’t be responsible for funding Biden’s illegal student loan bailout.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“The midterm elections are upon us and it’s clear Mainstreet has a horse in the race. According to our polling, a majority of small business owners prefer Republican candidates to perform well on Tuesday, saying the outcome will better help the small business community. It’s not a surprise why: entrepreneurs want Congress to be a bulwark against Biden administration policies, not a rubber stamp. Out-of-control government spending, backwards domestic energy policies, and the threat of higher taxes and more government red tape has put the economy on ice. Come Election Day, voters should keep the small business perspective in mind.”