President Biden’s economic plan, known as “Bidenomics,” aims to grow the economy from the “middle out and bottom up” through public investments, worker empowerment, and promoting competition.
According to a report by Newsweek on Friday, November 24, 2023, however, recent surveys indicate declining support for Biden’s economic agenda among a key group – small business owners.
A new CNBC/SurveyMonkey poll found Biden’s approval rating among small business owners has fallen to just 30%, down from 43% in 2021.
This marks the lowest approval Biden has received so far from this critical constituency that the administration has called a “pillar” of its economic plan.
The poll, conducted November 16-21 among over 2,000 small business owners nationwide, reveals growing discontent with the administration’s handling of the economy.
Currently, 56% of respondents say they strongly disapprove of Biden’s performance, while only 13% strongly approve.
News of the record low approval comes as a blow to the White House, which on Tuesday pledged $50 million in American Rescue Plan funds to aid small businesses.
The administration stated that “small businesses are a key pillar of Bidenomics” in its announcement.
Bidenomics refers to the president’s strategy of using government spending on infrastructure, clean energy, and social programs to boost the economy, raise wages, and promote competition.
The term is meant to contrast with “trickle-down economics” favored by Republicans.
While the U.S. economy has rebounded strongly from the pandemic under Biden’s leadership, inflation remains high at 7.7% annually. Small businesses have been hit especially hard by supply chain disruptions and rising costs.
The CNBC survey found that even among Democrats, Biden’s economic approval was lukewarm. Just 44% of Democrats strongly approved of the president’s handling of the economy, while 42% only somewhat approved.
Meanwhile, independents, who could determine the outcome of the 2024 election, gave Biden only 26% approval. Just 5% of independents said they strongly approve of his economic leadership.
On a positive note, Americans’ broader outlook on the economy has been improving recently. A November Harvard CAPS-Harris poll showed 42% believe the economy is strong, the highest level since February.
The Biden administration cites falling unemployment, robust job growth, and declining inflation as signs its plan is working, despite public skepticism.
With the 2024 race looming, the president will need to convince voters his policies are fueling the economic recovery.
Touting the early successes of landmark bills like the 2021 American Rescue Plan and the Inflation Reduction Act passed this year, while addressing voters’ pressing kitchen-table concerns, will be key to gaining support.
Polls suggest Biden still has an uphill battle earning voters’ trust on the economy. But with inflation cooling and unemployment low, he has tangible achievements to point to.
Communicating those results and how his agenda is helping families across America will be crucial for Biden’s political fortunes in the months ahead.