Vast Majority of Small Business Owners Worried Biden’s Economy Will Force Them to Close

A large portion of small business owners are concerned about their future amid wider financial stress under President Joe Biden, according to a new poll from the Job Creators Network Foundation (JCNF) obtained exclusively by the Daily Caller News Foundation.

Around 67 percent of small business owners were worried that current economic conditions could force them to close their doors, ten percentage points higher than just two years ago, according to the JCNF’s monthly small business poll. Respondents’ perceptions of economic conditions for their own businesses fell slightly in the month, from 70.2 to 68.1 points, with 100 points being the best possible business conditions, while perceptions of national conditions increased from 50.4 to 53.2 points.

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Businesses Blast New Biden Rule Allowing Union Reps to Inspect Job Sites

Construction site

Business groups are pushing back against a new Biden administration rule that would allow third-parties, including union representatives, to accompany federal inspectors of job sites.

The Occupational Safety and Health Administration issued the final rule earlier this year, but critics say the rule goes beyond safety needs and panders to unions and their recruitment efforts. The rule would apply even to job sites where workers have not unionized.

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Small Business Owners Lament Inflation

Overwhelmed businessman

As inflation continues to rise this year, small businesses are feeling the pain.

The National Federation of Independent Businesses released a survey of small business owners Tuesday that found the nation’s job creators cite inflation as their top concern more than any other issue.

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Commentary: The Federal Government is Deciding Who Can Start a Small Business

Business Owner

Just when it seemed impossible for things to get tougher for small businesses, the federal government decided to make things worse.

Small businesses have had a tough run for the last few years. Record inflation, high interest rates, and workforce shortages have led to widespread pessimism among small businesses. The last thing they need is more government interference, but that is exactly what is happening.

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Soaring Interest Rates Are Squeezing Out Small Businesses

Small businesses are feeling the effects of the Federal Reserve’s interest rate hikes as tightening credit puts more businesses and workers in dangerous positions, according to The New York Times.

Interest payments for small businesses will rise to about 7 percent of revenues next year on average, as opposed to being just 5.8 percent of revenues in 2021, according to the NYT. The Fed has raised its federal funds rate to a range of 5.25 percent and 5.50 percent following a series of 11 hikes that started in March 2022, bringing the rate to its highest point in 22 years.

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Small Businesses Risk Shutting Down in Droves Amid Elevated Inflation, Energy Prices

Nearly half of American small business owners say they are at risk of closing down this fall, according to new survey data.

The small business network Alignable released the survey, which found that “47% of small business owners … say their businesses are at risk of closing by fall 2022, unless economic conditions improve significantly.”

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Commentary: Protect Small Businesses from the Scourge of Stolen and Counterfeit Goods

Recent images from the Los Angeles railyards of a sea of cardboard wreckage, the remnants of thousands of stolen packages, have made national headlines. Union Pacific railroad said criminal rail theft in LA has increased by more than 2.5 times since December 2020. Yet while most media coverage focuses on this third-world scene, little has been made of the consequences for the small business sellers ripped off by this grand theft.

Whether it comes in the form of widescale package theft by criminal enterprises or organized smash-and-grab robberies at brick and mortar stores, theft has become a big problem for small businesses. A new survey finds that nearly all small business owners experienced an increase in theft in 2021.

This isn’t the shoplifting of your parent’s generation. Elaborate criminal networks steal and resell goods at below-market rates on internet marketplaces such as Amazon, Facebook, eBay, and Alibaba. The cost of lost inventory and ensuing cut-rate online competition puts tremendous pressure on small business margins that are already strained by the highest inflation in 40 years and severe supply chain disruptions.  

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