Small business owners say ‘Bidenomics’ is bad for the economy and won’t help the country climb out of inflation, a sign of trouble for President Biden who is struggling to get his message across ahead of this year’s election.
The Job Creators Network Foundation Small Business survey, exclusively obtained by DailyMail.com, reveals small employers’ outlook on the U.S. economy has hit a 14-year low.
According to the poll of 400 small business owners, 61 percent say that Joe Biden‘s signature ‘Bidenomics’ plan is ‘bad for the economy.’ And only 26 percent say the president’s plan is helpful in the current environment.
That spells trouble for the president, whose 2024 re-election campaign is largely focused on touting his ‘Bidenomics’ economic recovery plan on the road.
And a whopping 76 percent say they have a negative view of whether Joe Biden’s job performance is helping small businesses – with only 22 percent saying they have a positive view.
In addition, only 24 percent have a favorable view of U.S. economic conditions, and 80 percent say costs of operating their businesses have gone up under the Biden administration.
Finally, 27 percent said the economy is headed in a positive direction, but a striking 51 percent majority said it is getting worse.
Elaine Parker, president of JCNF, told DailyMail.com that the results of the survey show it’s ‘an unhappy New Year for American small businesses.’
She said small business owners’ view of the national economy ‘is near a historic low’ with only one-quarter believing U.S. economic conditions are favorable.
‘Despite the Biden administration’s claims, Main Street seems to be in for a rocky 2024,’ Parker continued.
The Consumer Price Index (CPI) was pushed up by housing which drove more than half of the monthly growth, the Department of Labor said. Food prices rose just 0.2 percent between November and December.
Economists had predicted that the rate of annual inflation would edge up slightly by 0.1 percent to 3.2 percent at the end of the year. The above-expected increase means an expected interest rate cut in March is now unlikely, experts said.
Alfredo Ortiz, president and CEO of Job Creators Network, said the CPI report validates concerns by small business owners.
‘This high inflation is coming on top of the historic inflation that occurred during the first two years of Biden’s presidency. As a result, ordinary Americans and small businesses are facing a cost-of-living crisis,’ Ortiz told DailyMail.com.
‘Today’s inflation numbers show no relief is in sight, and the nation is moving in the wrong direction. Resurgent inflation is a direct result of reckless spending by the Biden administration and Congress.’
Market reaction to the news was minimal on Thursday morning. The S&P 500 was trading flat following the release, having been up about 0.2 percent before the figures were released.
The survey results comes as President Biden and his surrogates are ramping up their campaign swings – including by touting ‘Bidenomics.’
An exclusive poll for DailyMail.com released last week found in a head-to-head matchup, Biden has seen a two-point lead turned into a three-point deficit when compared to GOP frontrunner Donald Trump.