Small Business Worried by Anti-Business Rhetoric on the Campaign Trail

By PoliticsFOXBusiness

Cost of regulations piling on small business

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Cost of regulations piling on small business

The Small Business Expert Susan Solovic, Dover Catering CEO Butch Yamali and Apple-Metro CEO Zane Tankel discuss the cost of regulations on small business.

When voting for the next president, it is not about immigration, climate change, or education. For small business owners, the economy and tax policies are among top issues in this election cycle, and a majority say their views are not being represented by the three major-party candidates on the campaign trail.

Results from the latest Wells Fargo/Gallup Small Business Index, conducted within the first two weeks of April, showed business owners maintain a cautious outlook on the economy and the year ahead.  The latest gauge of small business optimism from the National Federation of Independent Business dropped to a fresh two-year low in April as business owners remained pessimistic about the economy and political climate. Only 8% of survey respondents said the climate would support plans to expand business.

Mark Vitner, managing director and senior economist at Wells Fargo (NYSE:WFC), who tracks U.S. and regional trends, said the reason for so much pessimism is likely because of the rise of so-called insurgent candidates in the 2016 presidential race.

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“The focus of their campaigns have either been on anti-business or initiatives that have been focusing on income inequality, raising the minimum wage. There’s not been a lot of focus on tax issues, and that’s what matters most to business,” he explained. 

To that point, a staggering number of small business owners are paying close attention to headlines that come out of the campaign trail. According to the survey data, 87% of respondents said they were following the election closely or somewhat closely, while a whopping 92% of small business owners said they plan to vote in the November election, though the data didn’t show which candidate they plan to support. 

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