‘Raw Deal’: Small Business Owners Sound The Alarm Over Economy, Poll Shows

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Assessment: 48 percent of all US employees work for small businesses …

The majority of small business owners believe that the U.S. is in a recession as small business optimism remains near an all-time low, according to a new Rasmussen-McLaughlin poll.

Overall, 57% of small business owners believed the U.S. was in a recession, with reports of recession generally increasing the lower the business’ revenue, the poll, conducted Aug. 5 to 28, states. In August, 82% of employers stated that they had either raised prices or would raise prices as a consequence of inflation, up 4 percentage points from 78% in July.

He who tills his land will be satisfied with bread,
But he who follows frivolity is devoid of understanding.” Proverbs 12:11

Vice President Kamala Harris speaks to small business owners about the president's "build back better" agenda on July 29. (Mandel Ngan/AFP via Getty Images)

(Vice President Kamala Harris speaks to small business owners about the president’s “build back better” agenda on July 29, 2021. (Mandel Ngan/AFP via Getty Images)

“The U.S. economy is on shaky ground as Mainstreet continues to face rising prices, labor shortages, government red tape, and big tax burdens,” said Elaine Parker, president of the Job Creators Network Foundation, in a statement to the Daily Caller News Foundation. “The latest blow comes in the form of the misnamed Inflation Reductions Act—legislation that will raise taxes on job creators, pick winners and losers with ‘green’ subsidies, fuel even higher inflation, and sic the IRS on small businesses. Despite efforts by the White House to spin the bill as a ‘win,’ small business owners understand it’s a raw deal for America.”

The survey’s Small Business Intelligence Quotient, which measures overall business optimism, remains near an all-time low of 52.9 out of 100, down over 10 points from last July’s peak of 63.5. Gas prices remained a pain point for small business owners, with 46% of small business owners citing elevated gas prices as having a negative impact on profits.

The low optimism and concerns regarding a recession and inflation come as Federal Reserve officials seem more and more likely to raise interest rates by 0.75% as part of the Fed’s ongoing efforts to combat inflation, according to The Wall Street Journal.

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