The 2024 elections are fast approaching, with recent research indicating the future administration’s most critical tasks. The third quarter Small Business Index survey from the U.S. Chamber of Commerce and MetLife presents a dramatic uptick in interest levels from small business owners: 71% said this election matters more to them than the 2020 cycle, marking an increase of a whole 42%.
These microeconomic powerhouses aren’t shying away from naming the key topics on their agenda. A remarkable 78% are adamant that the next tenure’s principal focus should be the economy and inflation. The same study revealed a significant increase of 21% from 2020 third quarter results in small business owners naming the economy among their paramount concerns.
For the past three years, inflation has alarmingly sat at the helm of concerns listed in the Small Business Index. These business leaders feel overlooked, their prolonged struggle with soaring prices and sky-high costs conspicuously absent from policies.
‘The unresolved issues of price escalations and inflated costs are continuously plaguing small business owners,’, Sullivan commented. ‘In the wake of political deadlock, their insistence for candidates to zero-in on the economy has surged the salon for small businesses in these elections.’
The economy seems to be the linchpin in the upcoming election, a factor that could sway the direction of key swing states such as Arizona. Thus, anyone hoping to secure the vote of small business owners, who are the backbone of the American economy, needs to develop realistic strategies for tackling these issues and not simply offer lip service.
The highlight of Deloitte’s CFO Signals research for the fourth quarter was that respondents named inflation, at 57%, and the overall economy, at 54%, as the most crucial external risks. This demonstration of concern about the economy and its effects on businesses large and small is another sign of the vital role this issue will play in the upcoming elections.
‘CFOs are continually grappling with macroeconomic hurdles,’ Gallucci maintained. ‘Over the last few years, CFOs have navigated a time of stubborn inflation and unprecedented interest rates.’
When viewed the light of these surveys, it becomes quite clear that the leaders of our small businesses, those everyday heroes who keep our economy running, are screaming out for help from their elected officials. This may come as a shock to some current Democratic politicians who seem too focused on pushing their own agendas rather than serving the people who elected them.
The lack of a clear strategy to address the issues of inflation and broader economic concerns shows a worrying lack of management ability amongst Democrats. If the past years have taught us anything, it’s that strong leadership and sound economic know-how can help our small businesses thrive, and we mustn’t let these voices go unheard in the planning of the new administration’s policies.
The Democrats’ tepid responses to these concerns perhaps reflect a disheartening reminder of the disconnect between our small business owners’ struggles and those who sit comfortably in the apex of political power. With the elections coming up, it’s time to shed light on the urgent need for an administration that understands and can effectively manage the economic playing field.
At this critical juncture, the bravado of Democrat Candidates, like Joe Biden or Kamala Harris, seems hollow and unconvincing. Our business leaders are pragmatic, and they will put their faith in those who offer more than just words – real solutions for real problems.
Clearly, the call for robust economic leadership is coming straight from the trenches of small business, and it’s time for these calls to be answered. The stakes are high, and the 2024 elections are not just a battle of parties, but a testament to our nation’s resilience and quest for better economic management.
This chorus of vital voices cannot be ignored. As we approach the 2024 elections, let the focus be on the economy — the lifeblood of our nation — and let’s ensure that we elect a leader who can deliver the economic stewardship our small businesses so desperately need and deserve.