Small Businesses Seek Answers As Election Draws Near

Date: September 29, 2016

Political, Economic Uncertainty At High Levels Among Business Owners

As November’s presidential election draws closer, small business owners are feeling greater uncertainty about America’s political and economic climate. Ahead of the first presidential debate, CNBC noted that the NFIB’s latest Index of Small Business Optimism indicated that in August, “political uncertainty” registered “at an all-time high.” CNBC suggested that this may be in part due to the fact that neither presidential candidate has spoken “in detail to issues small-business owners care most about, according to small-business advocates.” The NFIB has found that taxes and regulations are top small business concerns, and that “complying with regulations costs about $11,000 per worker each year for businesses with fewer than 50 employees – nearly 30 percent higher than the cost for larger businesses.” CNBC spoke to a few small business owners with varying regulatory concerns, including the Labor Department’s pending overtime rule, tax extenders, and tax reforms. Forbes noted small business owners’ uncertainty about how candidates would address employment regulations and create jobs. Following this week’s first presidential debate, Politico Morning Transportation noted that there were scant mentions of either candidate’s plan to bolster America’s infrastructure and transportation options, also crucial to helping small businesses effectively operate.

What This Means For Small Businesses

Small business owners want to see who can best lead America into an economic turnaround and alleviate the uncertainty that has followed the recession. It remains to be seen whether the questions small business owners have can be properly addressed by either candidate ahead of November’s election.

Additional Reading

In a column in Inc. Magazine Rohit Arora criticized the first presidential debate for what he said was “not enough discussion of the economy and issues relating to small business.”

Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.

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