According to a CNBC survey released on December 8, 2021, 75% of small business are facing the negative effects of the current supply chain crisis rising inflation that’s become widespread throughout the United States.
Although larger enterprises have experienced significant growth in their profit margins, small businesses have faced steep economic obstacles.
According to CNBC’s poll, 75% of small businesses are experiencing higher supply costs, which have increased by 5% since the third quarter.
In addition, 58% of small businesses are feeling the disruption brought about by the supply chain crisis, which represents a 3% increase from the third quarter figures.
Inflation was the leading concern for small business owners at 34%. In second place, was the supply chain crisis at 23%, while the coronavirus was in third place at 17%.
34% of small business owners approve of the Biden administration’s job performance. Starting in the first quarter (43%), there has been a steady decline in Biden’s approval rating among small business owners. In the third quarter, the Biden administration’s approval rating stood at 40%.
Most of the decrease in approval rating came from independents. 33% currently approve of Biden, which is down from 51% figure in the third quarter.
In the past quarter, there was very little change among Republicans (9%) and Democrats (89%).
Small business confidence is polarized on partisan lines.
The Small Business Confidence Index for Democrats is 62 and 35 for Republican.
40% of Republicans who own small businesses view inflation as their primary concern, while 20% of Democrat small business owners view inflation as their main concern.
22% of small business owners believe the Biden administration has been good for small businesses.
By contrast, 62% of small business owners view the Biden administration as bad for small businesses.
For independents, 59% indicated that the Biden administration has been detrimental for small businesses.
In a similar vein, 60% of independent small business owners believe the Biden administration has been bad for the economy.
According to of Breitbart News, the Biden administration’s polling numbers have plummeted from 61% to 37%.
“Going from 61% to 37% is a pretty big drop among the largest group of voters,” Gallup senior editor Jeff Jones said to CNBC.
The Biden administration’s economic policies have taken a major toll on small business owners. These are the businesses that form the backbone of the American economy and provide many opportunities for America’s most economic constituencies.
When these businesses are shut down, corporate actors through further consolidation. This does not augur well for America’s socio-economic wealth given how most of these companies are woke institutions that work to undermine America from within.