In just under one week America will have a new president, and the main drivers of America’s economy can’t wait. As Donald Trump prepares to take office for his second presidential term, small business owners are expressing the highest levels of optimism seen in six years, according to a recent survey by the National Federation of Independent Business (NFIB). The findings signal a shift in sentiment following challenges faced during the COVID-19 pandemic and President Joe Biden’s tenure.
The Washington Examiner writes that American confidence is soaring again.
This December saw an optimum index of 105.1, which was the second consecutive month above the average index of 98 in over 50 years.
Over 50% of business owners reported that they expected the economy to improve. Another fifth said now was a good time to expand business, which was the largest response since February 2020. Another fifth said inflation was the No. 1 problem they encountered while operating their businesses.
Compensation increases seemingly slowed, as only 29% reported doing so in December, which was a steady decrease from the months before. These were the fewest respondents since March 2021.
“Small business owners feel more certain and hopeful about the economic agenda of the new administration. Expectations for economic growth, lower inflation, and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year,” NFIB Chief Economist Bill Dunkelberg said in a statement.
Optimism about the future could be on the rise because there will be a new approach to growing small businesses. The Biden administration leaves behind a record of picking and choosing whom to support, awarding federal contracts to the tune of $183 billion in fiscal year 2024 alone.
With Republicans back in power, the economic landscape will likely move away from bureaucrats deciding who gets their hand in the till and toward creating an economic climate for success.
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