National Write Your Congressman (NWYC) has released its Q2 2024 Index, revealing that while small business owners’ trust, satisfaction, and hope in Congress have reached their highest levels since 2020, over 67% are concerned about the U.S. economy’s direction. This juxtaposition highlights the complex sentiment of business owners navigating both political optimism and economic anxiety.
The survey, conducted between June 28 and July 12, 2024, shows a notable increase in business owners’ confidence in Congress. However, despite this rising trust, a significant portion remains worried about economic challenges. Key issues include inflation, high interest rates, regulatory changes, and economic uncertainty. Notably, fewer than 2% of business owners believe the economy is heading in the right direction, with half of businesses remaining stagnant and 31% experiencing declines.
Additionally, the survey reflects a deep concern about how the upcoming 2024 election might impact businesses. Of those who watched the first presidential debate, 95% reported no change in their voting decisions. Topics such as immigration, inflation, taxes, and government spending are top priorities for business owners. 74% anticipated negative impacts on their businesses if President Biden were re-elected, while 83% expected a positive impact with a potential Trump presidency.
However, small business owners shared their personal experiences and concerns. James Bobst of Pacific Fibre Products highlighted the adverse effects of current federal policies on his business. At the same time, Roger Barnhart of Barnhart Bolt expressed optimism about potential improvements under new leadership. Gary Hoffman of Tow King of Waco and Cam Caudle of Solid Rock Autobody LLC cited inflation and high interest rates as significant hurdles affecting their operations.
Nevertheless, the Index indicates that 57% of business owners feel their Congressional representatives understand their opinions on critical issues, an increase from earlier in the year. However, only 40% believe their elected officials act in accordance with constituent input, reflecting a slight decrease in confidence.
The data, collected from 1,011 respondents across 46 states, provides a snapshot of small business sentiment. Most respondents employ fewer than ten employees, illustrating the challenges smaller enterprises face in today’s economic climate. For more information, visit https://www.nwyc.com.
