Business owners express more angst over the November election than investors from every other occupation. Learn more.
The upcoming presidential election worries business owners more than investors from every other occupation, according to a monthly survey conducted by Millionaire Corner in September.
Half the business owners surveyed described themselves as “very worried” about the general election, scoring their concern as a “1” on a 10-point scale with 10 representing “not at all worried” and 1 equaling “very worried.” In comparison, about 44 percent of CEOs said they were “very worried” about the election, as did 30 percent of investors from all other occupations.
Business owners expressed relatively high levels of concern over the fiscal cliff, a term describing the looming economic crisis threatened by the expiration of the Bush-era tax cuts in December, followed by mandated cuts in federal spending to reduce the record budget deficit. Forty-two percent of business owners say they are “very worried” about a resolution to the fiscal cliff, compared to 30 percent of investors from other occupations.
The economic uncertainty surrounding taxes, healthcare policy and economic growth is discouraging business owners from growing their enterprises, according to a report released yesterday by the National Federation of Independent Business and the National Association of Manufacturers. More than two-thirds (67 percent) of the business owners surveyed said “too much uncertainty” is keeping them from expanding their business or hiring new workers. Nearly 70 percent describe the Obama administration at hurting small businesses and manufacturers in the U.S., and 55 percent say they would not start a business in the current environment.
“The findings of this survey show that manufacturers and other small businesses have a starkly negative outlook for their future – with good reason,” Jay Timmons, president and CEO of the manufacturers association, said in a statement. “There is far too much uncertainty, too many burdensome regulations and too few policymakers willing to put aside their egos and fulfill their responsibilities to the American people.”
Business owners are likely to single out the Democrats in the Senate (32 percent) or the president and his administration (27 percent) as being most responsible for the gridlock in Congress, but they are even more prone to blame all parties involved (41 percent), including Tea party members and representatives from both houses.