National Write Your Congressman Index
identifies inflation, taxes, and uncertainty about the U.S. economy
as top concerns for business owners
DALLAS, July 23,
2024 /PRNewswire/ -- National Write Your Congressman
(NWYC), an organization that gives small businesses a voice in
government, released its Q2 2024 Index measuring Congressional and
business sentiment. The Index found business owners' trust,
satisfaction, and hope in Congress at its highest level since 2020,
but more than 67 percent of business owners are concerned and
fearful the U.S. economy is moving in the wrong direction.
"Small business owners are concerned about how the election
results may affect their business and are grim on the current U.S.
economy," said Randy Ford, President
and COO of National Write Your Congressman. "While it is
encouraging to see business owners' trust, satisfaction, and hope
in Congress have increased over the last four years, we know there
are still feelings of uncertainty and fear. We encourage our
members to continue using their voice to ensure their business
priorities are heard in Washington."
The 2024 Election
Of those who watched the first
presidential debate, 95 percent said it did not change their voting
decision for November. Only nine percent of business owners
planning to vote are still deciding or considering their options.
The survey was conducted prior to President Biden dropping out
of the 2024 election.
Immigration, inflation, taxes, the U.S. debt ceiling and future
government spending, regulations, and high interest rates were the
most important topics business owners want candidates to address
during the 2024 election.
"Thriving and succeeding over the past year has not occurred in
our small, family-owned business. Inflation, uncertainty, and the
mentality of the current federal and state administrations have
been disastrous," said James Bobst,
Vice President, Corporate Relations & Human Resources, Pacific
Fibre Products, Inc. in Longview,
Washington.
Seventy-four percent of business owners anticipated their
business would have been negatively impacted due to potential
regulatory changes if President Biden was re-elected, while 83
percent expect a positive impact if President Trump is elected.
"With the help of our team members, leadership, and expansion,
we have been able to maintain our sales. If we get new leadership
in D.C., I believe our business will thrive," said Roger Barnhart, Founder, Barnhart Bolt in Odessa, Texas.
Economic Outlook
Less than two percent of business
owners think the economy is heading in the right direction. Half of
small businesses have remained flat, while 31 percent are
declining. Nineteen percent of small businesses are growing.
The survey found that inflation, taxes, uncertainty about the
future of the U.S. economy, regulations, high interest rates, and
hiring qualified workers are the most important issues facing
business owners today.
"Thankfully, my businesses have been stable enough to endure
these tumultuous times, but it has come at the expense of us having
to raise prices on our customers to combat inflation costs we
incur," said Gary Hoffman of
Tow King of Waco
in Waco, Texas.
"Skyrocketing interest rates would be the biggest hurdle thus
far in my three years in business. Required equipment needed to
grow has become more and more out of reach as far as
funding. Reduced regulations and changes are needed to foster
and incentivize small business growth," said Cam Caudle, Owner, Solid Rock Autobody LLC in
Marshville, North Carolina.
Congressional Sentiment
Fifty-seven percent of
business owners believe their elected U.S. Congressional Members
know their opinions on important issues, an increase from Q1 2024.
Forty percent believe their elected Congressional Members act
according to their constituents' input a slight decrease from Q1
2024.
"I want to see our elected officials work together for the good
of the tax-paying citizens of this country," said Ginger R. Bruvold of Outpost Feed & Ranch
Supply in Lake George,
Colorado.
Methodology
NWYC collected data using an online survey
from June 28 through July 12, 2024. A
total of 1,011 respondents participated. Respondents represent 46
of the 50 states in the U.S. Fifty-eight percent of business owners
surveyed employ one to nine employees, and 39 percent employ 10 to
99 employees.
About National Write Your Congressman
Since 1958,
National Write Your Congressman (NWYC) has empowered small
businesses by providing nonpartisan information, research, and
tools to connect with their representatives in Washington. As the nation's largest, privately
held, nonpartisan membership organization made up of small
businesses, NWYC's team of experts provides unbiased, nonpartisan
information and research on top issues and pending legislation
relevant to small business owners today. NWYC presents both sides
of the issue so that members can form an educated opinion and let
their elected officials know their opinion. For more information
visit www.nwyc.com.
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SOURCE National Write Your Congressman