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80% of small businesses say Biden is NOT doing enough to fight inflation: poll

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EXCLUSIVE: 80% of small businesses say Biden is NOT doing enough to fight inflation and 76% say he’s not helping repair supply chain

  • DailyMail.com exclusively received a new small business survey conducted by the Job Creator’s Network Foundation in the month of July
  • It turned out that most small businesses are concerned that they will have to close their doors, citing the current economic conditions they find themselves in.
  • The figure rises in double digits for minority-owned and women-owned businesses
  • JCNF President Elaine Parker said Democrats’ Inflation Reduction Act would be ‘a sucker punch for small business’
  • A majority of companies surveyed have fewer than 10 employees

A majority of small business owners believe the Biden administration is still not doing enough to solve the supply chain crisis and skyrocketing inflation rates, a new poll obtained exclusively by DailyMail.com suggests.

The latest monthly survey from the Job Creators Network Foundation (JCNF) looked at how well 500 small businesses were doing in July. At that time, the average cost of consumer goods rose by 8.5 percent, the Labor Ministry announced this week.

Eight out of ten respondents said they don’t believe President Joe Biden is doing enough to fight inflation, while only 7 percent say the opposite.

More than three-quarters also think the White House isn’t doing enough to reverse the ongoing supply chain crisis, which has resulted in shipping delays and empty shelves across the country for parts of this year.

Only 26 percent of respondents said the US economy was “good” or “excellent,” while 74 percent said it was “fair” or even “poor.”

It’s the latest in a litany of polls suggesting the American public struggles in current economic conditions, even as the White House wins a round of victory over a slightly lower rise in consumer costs and steadily falling prices at the pump.

The July inflation report of 8.5 percent comes after the June figure hit a 40-year high at 9.1 percent.

But at the White House on Wednesday, Biden made no mention of the spike — instead, he celebrated the zero percent rise in “core inflation,” which takes into account the volatile cost of food and energy.

Today we got the news that our economy had zero percent inflation in the month of July. Zero percent. Here’s what that means — while the price of some things went up and went up last month, the price of other things fell by the same amount,” the president said ahead of a bill signing event for the PACT Act.

However, he admitted that “people are still in pain” and warned that “we could face additional headwinds in the coming months” in the lingering effects of the COVID-19 pandemic on the global supply chain and Russia’s war in Ukraine.

But the new survey suggests that small business owners feel there is little to celebrate.

Nearly half — 49 percent — said they were forced to raise prices to keep up with their own rising costs.

The JCNF poll also shows that women- and minority-owned businesses have been hit hardest by the government’s handling of the economy.

Fifty-six percent of the total respondents fear that they will have to close their doors because of the current economic conditions.

The figure rises sharply to 73 percent when it comes to businesses owned by people of color.

Among women-run businesses, the fear is even more common: 76 percent think they may have to close this year.

A majority of respondents to Thursday's poll believe Biden administration's policies are bad for small businesses

A majority of respondents to Thursday’s poll believe Biden administration’s policies are bad for small businesses

And the number of entrepreneurs who believe the US is currently in a bad environment for small businesses has more than doubled from last year.

Only 21 percent said so in July 2021. That figure rose to 50 percent this year.

JCFN President Elaine Parker told DailyMail.com that the Biden-backed Inflation Reduction Act — a $740 billion climate, tax and health care package that the Senate passed along party lines on Sunday — will worsen the environment for small businesses.

“The package will give small business a huge blow with what is essentially a tax hike and put a bull’s eye on entrepreneurs as targets for the super-sized IRS,” Parker said.

‘It couldn’t have come at a worse time; rising prices are already putting pressure on Main Street and small business sentiment remains close to an index record.’

She urged the House of Representatives to pause before passing the bill in their scheduled vote this week.

“House members should consider this small business perspective before stamping out the tax and spending package,” Parker said.

A majority of the companies surveyed have two to nine employees. Eighteen percent is owned by a minority and 20 percent is owned by women.

The largest share, 20 percent, is in the construction sector.

Others include retail, professional/technical sectors and accommodation and food.

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