President Joe Biden got a record low approval rating from small business owners, who he has pledged to support through his “Bidenomics,” according to a new survey.
Biden’s approval among small business owners stood at only 30 percent in a new CNBC/SurveyMonkey Small Business Survey. The survey took feedback from more than 2,000 small business owners across the country from November 16 to 21.
In his early days in office in 2021, Biden had a 43 percent approval rating from small business owners, signaling a 13 percent drop in confidence, according to the survey. Currently, 56 percent of business owners strongly disapprove of his presidency’s performance, while only 13 percent strongly approve.
Newsweek reached out to the White House via email for comment.
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On Tuesday, the Biden administration pledged $50 million to support small businesses under American Rescue Plan funds. In its announcement, the administration called small businesses a “key pillar of Bidenomics.” Bidenomics is a term that encompasses the president’s economic vision.
“Under President Biden, we’ve achieved the fastest growth in Black business ownership in over 30 years,” the White House said in a statement.
Between 2019 and 2022, the number of Black households owning a business more than doubled after falling between 2007 and 2019.
Across the board, the Biden-Harris Administration awarded a “record-breaking” $163 billion in federal procurement opportunities to small businesses in 2022, the White House said in its statement. That included $69.9 billion to Small Disadvantaged Businesses (SDBs) and over $28 billion to service-disabled veteran-owned small businesses.
Across all registered voters, 60 percent disapprove of how Biden is handling the economy, according to a recent NBC News poll. Inflation currently stands at 3.2 percent, with groceries and housing remaining unaffordable for many Americans.
Zack Hellman, the owner of Los Angeles-based Tax Prep Tech, works primarily for individuals and small businesses to help them navigate their business taxes. He said in his experiences with clients, inflation is still carrying a heavy burden on small businesses.
“Many of my small business clients are most notably impacted by the current inflationary pressures,” Hellman told Newsweek. “It’s critical to understand these challenges within the broader global economic context. Although small businesses are contending with increased costs, it’s noteworthy that the U.S. has handled inflation more adeptly than many other developed countries.”
The United Kingdom’s last reported inflation rate was at 4.6 percent, which shows the United States is still outpacing others with its 3.2 inflation rate. In 2022, inflation had reached 8.6 percent in the U.S.
Although inflation has been gradually coming down, 70 percent of small business owners said they believe prices will continue to rise, the new survey found. The same amount is still experiencing a rising cost in supplies, and just under half (42 percent) said wages are continuing to climb.
Ahead of Small Business Saturday, small business owners also reported anxiety about the holiday season. Just 18 percent of small business owners said they expect business this holiday season to be better than last year, and nearly half said inflation was the biggest risk to their businesses, according to the survey.
Biden’s Approval Ratings
Even among Biden’s own party, Democrats only strongly approved of him 44 percent of the time. Meanwhile, 42 percent said they “somewhat approve,” according to the new survey.
In addition, independents, who will be a key group in the 2024 presidential election, only 26 percent said they approved of Biden’s performance, and 5 percent said they strongly approve of him, the survey found.
However, Americans’ view of the economy more broadly is improving.
A recent Harvard CAPS-Harris Poll survey found 42 percent of voters think the economy is strong today, reflecting the highest number since February. And 30 percent reported that their financial situation is improving, up 6 points since July. Nationally, 47 percent said they were optimistic about life in the next year, an uptick of 4 percent since last month.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.