Small Businesses Fear Closure Under Potential Second Biden Term

Nearly half of small business owners in the United States worry they won’t survive another four years under President Joe Biden’s policies, a new Freedom Economic Index survey shows. The poll found 48.6% of respondents fear their businesses won’t stay afloat if Biden wins re-election in 2024.

A quarter of those surveyed said they definitely couldn’t keep their doors open while 26.2% deemed it unlikely. Stagflation energy costs and rising consumer prices were cited as major concerns impacting their long-term outlook.

Economic indicators continue to show persistent inflation despite a slight dip in April. The Consumer Price Index increased at an annualized rate of 3.4% while the Producer Price Index a key metric for the Federal Reserve showed a concerning re-acceleration in prices.
Faced with a potential second Biden term many small business owners said they would consider shutting down or selling out to larger competitors. This trend toward consolidation has raised alarms among consumers and regulators alike.

The airline industry’s lack of competition for example may have contributed to declining quality control leading to recent safety concerns with Boeing planes. As small businesses struggle under the weight of Biden’s policies the nation’s economic landscape could shift dramatically.