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Forbes Daily Briefing

Why Small Business Owners Are The Only Surefire Winners In This Election

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.6 • 12 Ratings

🗓️ 6 November 2024

⏱️ 5 minutes

🧾️ Download transcript

Summary

In advance of the election, owners of small businesses—the most trusted institution in America—reported record levels of uncertainty. Both parties are playing to their concerns. 

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Transcript

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0:00.0

Here's your Forbes Daily Briefing for Wednesday, November 6th.

0:05.0

Today on Forbes, why small business owners are the only surefire winners in this election?

0:12.0

Despite the deep divide between the political parties, one patch of common ground remains.

0:18.0

Small businesses are likely to benefit, no matter who wins the presidential election.

0:23.3

Politicians have long pandered to this sector, a tradition Ronald Reagan highlighted in 1983,

0:29.0

when he joked in a radio address that, quote, every week should be small business week,

0:33.6

because America is small business. It makes sense.

0:38.3

Small businesses not only employ 46% of all private sector workers, but since 1995 have generated

0:45.3

more than 60% of new private sector jobs.

0:49.3

Moreover, with the American public increasingly distrustful of nearly all institutions, small business

0:55.1

retains its sheen.

0:57.1

It scores the highest of any sector in Gallup's latest confidence and institution survey,

1:02.4

with 68% of Americans saying they trust small business, quote, a great deal or quite a lot.

1:09.2

That stands in stark contrast to the mere 16% who say the same for big

1:13.9

business and, at the bottom, the 9% who have similar trust in Congress. Yet small business owners

1:20.9

have election jitters. For 51 years, the National Federation of Independent Business, or NFIB,

1:29.6

has tracked small businesses uncertainty by counting, quote, don't know and, quote, uncertain responses to six key questions about the

1:36.1

economy and their own expansion plans. In September, the gauge jumped 11 points from August,

1:43.0

hitting its highest level in the survey's history,

1:45.7

higher even than in September of 2020 when the country was in the grip of the COVID pandemic

1:50.5

and facing another fraught presidential election.

1:54.1

Meanwhile, the NFIB's optimism index remained low at 91.5, marking the 33rd consecutive month below the 50-year average of 98.

...

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