Seventy-five percent of small businesses are being pounded by the supply chain crisis and thirty-year high inflation, a CNBC survey revealed Tuesday.
While many big businesses have expanded their profit margins in the face of supply chain woes and inflation, small businesses are struggling to serve their local communities.
Biden’s policies of paying individuals not to work with enhanced unemployment benefits of an additional $600 to $300 a month, along with waging war on the American energy market, has caused main street to incur larger supply prices and disruptions.
CNBC’s polling indicates 75 percent of small businesses are undergoing higher supply costs, up five percent from the third quarter. Moreover, 58 percent of small businesses are feeling the pinch of supply chain crisis, up three percent.
Inflation was marked as the top concern for small business owners at 34 percent, followed by the supply chain crisis at 23 percent, and coronavirus at 17 percent.
Only 34 percent of main street business owners approve of Biden’s job performance. The rating has dropped from the third quarter of 40 percent and the first quarter of 43 percent:
Most of that decrease was among independents: 33% now approve of Biden, down from 51% in Q3. Among Republicans (9%) and Democrats (89%), there was minimal movement in approval quarter over quarter.
Small business confidence remains extremely partisan. The Small Business Confidence Index for Democrats is 62, versus 35 for Republicans. Twice as many Republicans as Democrats who own small businesses (40% vs. 20%) say inflation is their top concern.
But just 22% of small business owners say the Biden Administration has been good for small businesses, while 62% say it has been bad for small businesses. And among independents, 59% say Biden has been bad for small businesses, while 60% of independent small business owners say Biden has been bad for the economy.
The polling of small business comes as Biden’s White House reportedly demanded the establishment media spin Biden’s poor economic record into more favorable coverage. CNN’s Brian Stelter and Oliver Darcy reported Monday that Biden’s team is out trying to convince CNN to “reshape” terrible economic news “behind the scenes.”
“I’m told the conversations have been productive, with anchors and reporters and producers getting to talk with the officials,” the CNN employees admitted.
Attempts to alter the establishment media’s news coverage in Biden’s favor may be less powerful than the White House presumes. American workers are facing an increase in gas prices, consumer goods, housing prices, and energy prices. Since January, Biden’s polling numbers have shrunk from 61 percent to 37 percent.
“Going from 61% to 37% is a pretty big drop among the largest group of voters,” Gallup senior editor Jeff Jones told CNBC.
Follow Wendell Husebø on Twitter @WendellHusebø
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