Washington, D.C. (September 14, 2023) – Today, the Job Creators Network Foundation (JCNF) released its August edition of the Small Business IQ Poll of 400 small business employers. The Small Business Intelligence Quotient (SBIQ), an index tracking overall sentiment about the economy, dropped by more than two points to 52.5. That’s the lowest sentiment reading since the inception of the survey in May 2021.
Poor economic conditions dominate the concerns of America’s job creators. Only 25 percent of small businesses believe the economy is “good” or “excellent,” declining four points compared to the previous month. Meanwhile, although the Biden administration continues to harp about inflation moderating, rising prices remain one of the two top concerns for 52 percent of small business owners. That’s four points higher than July.
Leaving no doubt who’s to blame, 78 percent of small business owners gave President Biden’s job performance in helping Main Street a “C” or below. Only 5 percent assigned him an A-grade while 43 percent opted for an “F.” And speaking of letter grades, when asked about the education system, 90 percent of entrepreneurs believe colleges and universities overcharge students.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“During President Biden’s time in office, small business owners have consistently suggested that the current economy—characterized by ‘Bidenomics’—is a poor environment to expand operations, hire employees, and innovate. And, if anything, attitudes seem to be souring further with small business sentiment hitting a series low in August. As students return to school, small business owners are giving President Biden a failing grade for his harmful policy agenda.”