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A panel of small business owners discuss their prospects for a second Trump administration during an appearance on ‘The Big Money Show.’
Anticipation of Donald Trump returning to the White House sparked a wave of optimism on Main Street, according to multiple post-election polls.
The latest from NFIB Small Business Optimism Index It jumped 8 points to 101.7 in November, when election results indicated a significant shift in the Biden-Harris administration’s economic policy, breaking a 34-month streak of record uncertainty with the highest reading since June 2021.
Former President Donald Trump dances at his campaign rally in Crotona Park in the South Bronx on Thursday, May 23, 2024, in New York City. Ordinary people’s optimism is rising according to post-election surveys of small business owners. (James Devaney/GC Images/Getty Images)
This is the first time reading has surpassed the 50-year average in the last two and a half years. Of the 10 components of the Optimism Index, nine increased, none decreased and one was unchanged last month from October.
“Simply put, economic policy matters, and there’s no question that the election results spurred much of the optimism, that surge of optimism, that we saw in our monthly economic survey,” NFIB President Brad Close told Bloomberg. : The Close. ” this week.
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“Small business owners are looking forward to an administration that addresses the concerns that really concern the little guys (half of the U.S. economy), and that’s fiscal policy, that means cutting regulations and making the economy works again,” he concluded. aggregate.
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In the days following election night, gig platform Fiverr conducted its own survey of business owners and found that nearly 90% felt optimistic about the future, particularly those within sectors at the center of the election cycle, such as education (92%), finances. (89%) and retail trade (89%).
Eighty-five percent of respondents told Fiverr that they believe Trump will improve the economic situation for small businesses, with optimism rates higher among larger organizations, at 89% among companies with more than 100 employees.
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According to the survey, both male (85%) and female (83%) business owners remain hopeful in the new administration and look forward to business growth; Nearly 92% of women-led businesses say they expect higher revenue in the new year. .
NFIB’s Close said much of the optimism can be attributed to hopes that Trump’s signature tax cuts in his first term will be extended in his second, given that Republicans now control not only the White House but also both houses of Congress.
Republicans took control of the White House and both chambers of Congress in last month’s elections, raising optimism that the GOP will be able to extend Trump’s tax cuts. (Photo by Kevin Carter/Getty Images/Getty Images)
“If you look at one of the biggest issues that concerns small business owners, the small business deduction, their ability to deduct 20% of their small business income on their business taxes, that’s huge,” he said. Close to Bloomberg.
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“That was created in 2017, so the economy took off after that tax bill passed,” he said. “That policy expires in a year. Small business owners know that and are very optimistic that the incoming administration, which has said it wants to expand and make that provision permanent, is ready to start doing that.”
