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Small Business Alarm in Reports: Nearly 20,000 Fear Closure if Biden Wins Second Term

Small Business Alarm in Reports: Nearly 20,000 Fear Closure if Biden Wins Second Term

Almost 20,000 businesses have expressed concerns about potential closure should President Joe Biden be reelected.

According to a recent report by RedBalloon and PublicSquare, a significant number of small businesses surveyed expressed concerns about their future under the Biden administration. Almost half of the 80,000 businesses stated that they are uncertain about their ability to survive for another four years.

“I have no room in my budget for any additional activities.” “If things don’t change, I’ll be finished,” expressed one business owner in the report.

Businesses are taking proactive steps to safeguard their cash flows. According to the survey, a significant number of people are currently postponing bill payments, while a large majority have decided to pause any staffing plans they had.

Despite the 3.4 percent inflation rate in April, there are differing opinions on the direct impact of Biden’s presidency on the economic challenges faced by businesses.

HR consultant Bryan Driscoll raised doubts about the potential impact of Biden’s economic policies on the troubled finances of the small business.

“The discussion today coincides with the current administration being led by a Democrat.” According to Driscoll, Republicans are often more effective in conveying their message about their support for small businesses, which is why the same conversation rarely occurs with them. “Spoiler alert: they are not.”

According to Driscoll, certain businesses may experience temporary financial stress due to Biden’s pro-worker policies if they do not prioritize innovation or effective financial management.

“If a business is unable to provide fair wages to its workers or navigate economic changes, it could suggest internal inefficiencies rather than shortcomings in national economic policy,” Driscoll stated.

According to Driscoll, the implications for small business owners would vary greatly depending on whether Biden or Trump were to secure a second term. These implications would have both short-term and long-term effects.

Small Business Alarm in Reports Nearly 20,000 Fear Closure if Biden Wins Second Term

“According to Driscoll, Biden’s approach prioritizes the workforce, which is expected to contribute to long-term stability and growth.” “While certain businesses may experience initial challenges, those that are able to adjust will ultimately flourish in a more equitable economic environment.”

On the other hand, a Trump presidency may result in immediate benefits for businesses, but it could come at the expense of worker well-being and the long-term viability of the economy. It’s important for businesses to consider the financial well-being of their workers. If workers are not paid fairly, it becomes difficult for them to afford the very products and services they contribute to.

Last year, a survey conducted by CNBC revealed that a mere 30 percent of small business owners expressed approval for Biden’s policies, while a significant 56 percent stated their strong disapproval of his approach to his presidency.

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