A recent survey conducted by PublicSquare and RedBalloon has unveiled startling insights into the sentiments of small business owners regarding the upcoming presidential election. The October 2024 Freedom Economy Index survey, which polled 80,000 small business owners, reveals that an overwhelming 87% would consider closing their businesses if Vice President Kamala Harris wins the White House in November. This stark contrast in business confidence is further emphasized by the fact that only 1.2% of respondents expressed similar concerns about closure if former President Donald Trump is elected.
The potential impact of the election outcome on small businesses extends beyond mere survival. If Trump wins, 83% of respondents plan to expand and invest in their businesses, with 81% considering hiring more employees. In contrast, a Harris victory would see only 1.1% planning expansion and a mere 0.5% considering new hires. The survey also highlights gender disparities in the current economic climate, with women business owners reporting greater challenges and more likely to consider staff reductions and prepare for increased inflation if Harris wins the presidency.
Economic pessimism is evident in the expectations for the upcoming holiday season, with over half of the surveyed business owners anticipating either declining or flat sales compared to the previous year. This gloomy outlook is compounded by a widespread belief that the U.S. is heading towards a recession, with 57.4% of respondents expressing this view. Inflation remains a significant concern, with 8 in 10 small business owners reporting substantial or moderate increases in supplier prices over the past month.
The survey results reflect a broader sentiment of uncertainty and caution among small business owners, with hiring trends stagnating and many adopting a wait-and-see approach in light of the upcoming election. The findings have significant implications for the broader economy and political landscape, suggesting that the upcoming presidential race could have far-reaching consequences for the nation's economic trajectory. For more details, access the full report here.
