While the White House claims that President Biden's agenda has driven "the strongest economic recovery America has ever seen," small business owners appear to think otherwise.
Job Creators Network Foundation (JCNF) President Elaine Parker says the sentiment relayed in the June edition of the Small Business IQ Poll of 400 employers is it has really been a no growth economy.
"It's been pretty flat since 2021, and 72% of our small business owners are either pressing pause on hiring or cutting staff," Parker reports. "So, that's kind of a forward look at how small business owners, and the folks that I consider to be on the frontlines of all of this economic policy fallout — it's giving an idea of how they're feeling when they look futuristically of Am I going to hire? Am I going to fire?"
Labor and employment, she adds, is "always a lagging number."
Regarding the latter, the July jobs report shows a less-than-expected 187,000 jobs were added last month. Revisions will come, but it is possible that July's number could come in even lower.
Employment in May and June combined was 49,000 lower than previously reported.
"This latest round of polling includes good news and bad news. The good news is the Supreme Court recently dealt a blow to government overreach by striking down the White House's student loan bailout—a decision that more than 70% of entrepreneurs agree with," Parker stated last month. "The bad news is that small businesses continue to be sucker-punched by an economic riptide that is forcing many employers to pause hiring and wage increases."
"Despite efforts by the White House to mislead the public and paint a rosy economic picture, small business owners aren't being fooled," her statement concluded.
