During the presidential debate on Tuesday night, Vice President Kamala Harris repeatedly claimed she would “help small businesses.” But economic data, the details of Harris’s “plan,” and the actual results of Biden-Harris policies over the past four years indicate a Harris presidency would produce more of the same dismal outcomes for small business owners and employees.
Currently, just under half of all Americans are employed by small businesses, defined as those with fewer than 500 employees. Approximately 27 percent of Americans work for companies with less than 50 employees.
According to the most recent survey by the National Federation of Independent Business (NFIB), small business optimism declined by 2.5 points in August, the sharpest fall since June 2022. The metric overall has been down throughout the Biden-Harris administration, reaching an 11-year low in March of this year.
“Owners remain pessimistic about future business conditions,” stated NFIB Chief Economist Bill Dunkelberg. Most owners have “poor expectations about business conditions six months from now,” while only six percent believe it is time to invest. “Capital spending is historically low,” he added.
In the most recent survey, small business owners named the cost of healthcare insurance as the most pressing issue. From 2020 to 2023, employer-sponsored health insurance premiums have increased by about 22 percent, placing an enormous burden on both small businesses and their workers. Americans who work at businesses with less than 200 employees contribute more for family coverage than those at larger firms, paying on average 38 percent of the premium compared to 25 percent at large firms.
Along with overall inflation, the so-called “American Rescue Plan” also directly caused these premium hikes by expanding Obamacare subsidies and passing those costs on to small business owners.
Most business owners in the NFIB survey said other problems, such as “uncertainty over economic conditions” and “uncertainty over government actions,” specifically when it comes to regulations and energy prices, are also bringing down optimism.
According to a report out this May from the House Committee on Small Business, regulations imposed by the Biden-Harris administration have cost small businesses a total of $1.7 trillion, including 312 million hours devoted to paperwork compliance. In a letter to Congress signed by 50 trade groups, small business leaders pointed out at least 28 instances where federal agencies “failed to adequately examine the economic costs of regulations.” The letter further called the number of regulations “unprecedented,” saying that they imposed a “disproportionate” burden on small businesses.
Rising energy costs resulting from the Biden-Harris administration’s war on American oil and gas production are also hitting small businesses hard. American commercial and industrial companies faced a $41.4 billion increase in energy costs in 2022 alone. As businesses face higher costs to keep the lights on and transport their goods, they are forced to make cuts elsewhere, including to their workforces, to stay afloat.
“Energy is one of the most important cost factors for businesses, alongside real estate prices for renting or purchasing, and labor costs,” said Joachim von Dieffenbach, a retired professor of Economics who advised three governments and lectured at universities in Austria, Germany, and Switzerland. “All these factors became unpredictable due to an energy policy prioritizing clean energy while limiting or disregarding more cost-effective options.”
The declining value of the U.S. Dollar poses another looming threat to small businesses, particularly those that rely on imported goods or materials, engage in international trade, or have energy-intensive operations. A weaker dollar makes imports more expensive, as businesses must pay more for goods and raw materials sourced from other countries. Small businesses often lack the negotiating power of larger firms to absorb or pass on these costs to customers, squeezing already thin profit margins. Since energy is often priced in U.S. dollars on global markets, a weaker dollar can also further drive up energy costs.
Harris’s policy proposals – to the extent that she has released any concrete plans at all – provide little reason to believe things would get better if she were in the Oval Office.
Harris has, for instance, said she would eliminate former President Donald Trump’s tax cuts, which she voted against in the Senate. Under the 2017 Tax Cuts and Jobs Act, business owners can deduct up to 20 percent of qualified expenses – amounting to significant tax savings for small businesses. Harris has pledged to let new business owners deduct $50,000 in expenses, up from the current $5,000 amount, but that will do nothing for existing small business owners who could be on the hook to pay tens of thousands of dollars more to the IRS.
Harris’s plan to institute higher income taxes, higher business taxes, higher investment taxes, and establish a tax on unrealized capital gains would all also be disastrous for businesses large and small.
Perhaps worst of all, Harris’s spending plans – which economists believe would cost at least $1.7 trillion – would likely see a return of the 40-year-high inflation that plagued the country throughout most of the Biden-Harris administration. For businesses still struggling to adjust to the 20 percent cumulative inflation over the past four years, another round of drastic price increases would be devastating.
Since Biden and Harris took office, small businesses have been in an era of pronounced decline. Giving Harris a promotion would likely result in more of the same, if not worse results.
Ben Solis is the pen name of an international affairs journalist, historian, and researcher.
It always amuses me that colleagues who complain the loudest about declining income in their small businesses are also the ones who are most likely to vote for democrats. When “invited” to engage in debate with them, they steadfastly support liberal causes and simply refuse to vote for Republicans, especially President Trump. They have a fit when I suggest voting for a businessman–Trump–who did, in fact, do great things for our economy and raised income levels all across the board.
Their reaction is purely emotional, and they just won’t listen to the facts. If they look at the data–and comprehend it–they’d see why the dems have lost ground among sensible adults, and they might follow suit. Democrats are bad for business. Period.
A Kamala Harris presidency would be a disaster for EVERYONE not just small businesses.
Honestly if a person wanting to start a business hasn’t figured her and her empty promises out by now perhaps it would be best they not start a business…
Kackler would be a DISASTER to everyone EXCEPT baby killers, castrators of kids, dope and human smugglers. domestic and foreign terrorists, and billionaires running “green energy” companies!! Also, swamp bureaucrats who get rich doing NOTHING productive.
Calamity Kamala
She’s a disaster period in my opinion.
some people never learn
Harris is not running to raise our nation’s status quo. She is running to fortify the “Democrats” so they are non-removable by any truly democratic process in the near future.
Vote for Kamala Harris if you don’t want the Russia, Ukraine war to end. Vote for Donald Trump if you want the war with Russia and Ukraine to end. I would think more people would want to avoid WW3 if it’s still possible. Many Americans are still Naive in this country no thanks to the phony corrupt news media stations. Fox news if you want to know where it’s at.
By any reasoned consideration Donald Trump should easily defeat Kamala Harris on November 5th. ……… Except for seven teeny tinny things.
1) The mentally defective liberals.
2) The taxsuckers.
3) The illegal aliens with divers licenses. * (A drivers license, and signing a form that one is really, really an American citizen, enables one to register to vote.)
4) The “dead” voters.
5) The minority voters such as the Jewish, Latino, Black and young White women citizens.
6) The growing number of Moslem voters.
7) All who hate Donald Trump because he has red hair and small hands.
On top of that the volunteer vote counters in the swing states seem to be challenged in counting votes for the Republican candidate. I’m almost sure that many of the “Republican” vote counters will be ringers who registered as being Republicans but are really liberal at heart. But hey, that’s just the way I think.
There is a very good chance that we could wake up on November 6th seeing reports of a Kamala win.
kamala harris would be a disaster…PERIOD!!!
Once, I was a sole proprietor small business owner. The last year I had to pay an additional 40,000 dollars, over and above my quarterlies, I decided being in a 38% tax bracket wasn’t worth it. Closed business and let three employees go. Many small businesses have already closed under Biden and more will close with Harris proposed taxes. I wish the voters weren’t stupid enough to fall for her lies, but they hate Trump that much.
Harris would be a disaster for small business? Mr. Solis, get out sometime, drive around and look. Small businesses are mostly a thing of the past, long destroyed by government overreach.
Grab a wad of toilet paper Ben, the nation is already in the crapper.
It all boils down to what most people miss, globalism! The only businesses government, particularly the demonicrats, care about is large international corporations. Globalism is at the root of ALL our problems and is the reason ‘MAGA,” as a term, has devolved into a curse. The last thing the globalist supremacy wants is American independence. They want our economy!
Biden Harris economic plan is no plan. It has no beginning a middle or an end. They threw it out there with lots of rules and regs but did not investigate what results it would bring. Like all their plans. Stop fossil fuel and turn on electricity. Only there is no electricity. 500K loading stations were going to be build. Only 8 so far have been built. Build back better would improve our infra structure so-far I have not seen any bridges or interstates or overpasses or airports being improved. Where did all these trillions of dollars go? Ukraine? Small businesses are closing every day. Small mom and pop stores are gone for good unique boutiques have disappeared. We are losing our culture and the artistry of many. Fabric shops, yarn shops are disappearing. All were contributing to our culture. All these rules ole Joe implemented on businesses, big and small, medical professionals was done to hire more federal employees to make the employment picture look great. It is all smoke and mirrors nothing is real. Kameltoe had a debate, which was no debate, it was Kameltoe smearing Trump with lies. Today she is cackling again because she thinks they love her. They don’t. She wants a debate. No way should Trump debate her again. We still won’t know more about her platform . She will just smear Trump some more with her lies. She grew up middle class, lie, she worked at McDonald, lie. She was the greatest promoter of ole Joe despite she knew he was failing more every day. She lied to the country day after day. No, kameltoe is not going to help small business, big business yes. And break the middle class to pay for the invaders, and reparations to colored. DEI has to become reality. Punishment for the White race.
And they say Boney and Clod was robbers. LOL MLOL The Govt. makes gangsters of the 20’s and 30’s look like baby’s inn a playpen. Kyle L.
harris is a disaster for this country no matter what!!! her so called policies aren’t American!!! she has many many left winged ridiculous ideas that are dangerous for this country but pershaps the worse is illegals coming here! if you love your children hold them tight bc if the illegals get hold of them you will know the atrociaous actions they plan for your children – rapes, killings, torture! we can all get thru the high prices bc families can budget or get help thru agencies who help you, but can you ever ever ever get over your child being handled by thugs the nite mare all good parents would never want!!! our taxes are goin to these monsters to help with sex change, free houses, health care etc etc etc. think hard about this
The headline is a misnomer, Kommie Kameleon will be a disaster for the entire world.
The back-bone and foundation of our success are the small businesses, which the gov did everything it could to destroy via covid.l Traditionally there were always more small businesses which opened than closed. Now there are more closing.
Let us hope to get back on track with America’s great success!
Kamelion Harris would be a disaster for all of this nation.
Trump was on media today & said Kamala was more nasty than Pocahontas. Why does Trump keep making fun of indigenous women & especially the daughter of Powhatan chief around year 1600? My advice, quit making fun of other women & quit with nicknames.
The headline should read that Kamala Harris would be a disaster……period.
Has been 1-20-21
My Medicare Part B supplement went from $140 per month to $240 a month under Joe and the Ho. Natural gas is crazy, Gasoline is still up about 70%. If people just vote their pocketbooks we should do well.
Kamala the Chameleon is a disaster to everyone! Want to see what a Kamala Presidency looks like look at California. Either God help us or Sweet Asteroid of Death…
Any programs that would supposedly aid small businesses would come with big government controls inserted that would, in effect, make them principally government owned businesses which the person physically operating the business would simply be running them as an employee of the government. Which is precisely what the progressive/socialists strive for.
Each day for over 3 1/2 years businesses have been closing and or filing for bankruptcy thanks to Dictator Beijing biden and Communist harris. Under Communist harris American jobs will continue to be sent to her buddies in Communist China with obama and Dictator Beijing biden’s policies. She will say anything and flip-flop for votes to stay in power and control. And as usual avoid real issues. Remember she has NO PLAN. Her plan is she has a plan. Translation: NOTHING. The only way to save the United States and Americans Best interests is to vote for President Trump. Especially if you want a business including a job to feed and support your family. With President Trump prosperity and security. With Communist harris you have slavery, starvation, Communism, and no country.
Thank you captain obvious ! Harris would be a disaster for the entire country not just small business. And if the youth vote puts Harrison office, they can live with the disaster for the rest of lives. There will not be another election if she gets an office. Elections have consequences
If Kamala Harris has a “plan” to change the horrible mess she and her systemic democrats talk about that were signed off on Joe Biden’s first day in office with all the supporters and Trump Haters standing smiling behind him. They have had three and a half years to do it to aid the Legal American burdened working force, but they have done NOTHING! They talk with void rhetoric that means more words but. less means confusion, less promise, no action, and higher cost for government and exorbitant national debt ($35 trillion a second ago!), however that does not stop the next bill ready for signing,
if they can put fear into the republicans of a government shut down if they refuse to sign. This ia a typical tactic democrats use at the signing of their gluten bills without merit or meaning. I feel like JD Vance, SHUT THE GOVERMENT DOWN because they are ineffectual anyway and are not working for WE THE PEOPLE who gave them that privilege with precious votes.
Kamala Harris does not have the intelligence of a rock, more or less be President. She became vice president through nefarious means and is dangerous because of this fact. She, like her predecessors, Obama, and Biden, is controlled by the Dark State controllers. America has become a haunt for demon politicians, and this laughing fool is a prime example.
I walked into a small super market in my rural PA. and was amazed . The produce aisle had a square feet of lettuce, celery and cabbage. I imagined what communist shoppers would see. It was so sad to see the owner give up after so many years. All the aisles could have echoed back to me if I spoke. The writing is on the wall if the democrats remain in power. God bless America. Vote and make it great again.
I am a small business owner and the amount of added regulations that have come about because of this administration has made it much more difficult to run a small business. If you don’t have a CPA for your business you won’t be able to keep up with all these new regulations.
Electing the ‘cacklin’ ho’ would be a disaster for our whole country. She is an idiot.
This disorganized ” persona” is greatly LACKING in political knowledge and leadership skills are non existent. She did not perform or acknowledge her VEEP role at, all. This woman is a misfit, A totally moldable PUPPET SHE WAS INTENTIONALLY CLOSEN FOR HER FEMININE FEMALE SEXUAL IDENTITY AND ETHNIC CILTURAL ROOTS !!! also, the Comminist Socialist left Radical pompous elite Dems definitely love her Marxist views and family cultural commitmrnt to MARXISM!!!! way of life. Yuck and double YUCK!