How good is the current economy for today’s small business owners? The answer to that question has less to do with revenues and profits and more to do with what political party they support.
That’s the conclusion of a report released this week from CNBC and SurveyMonkey. Their quarterly Small Business Confidence Index found that most small business owners were happy with the current economic conditions. But the devil’s in the details. When broken down, the numbers showed that most of those small businesses that were happy with the economy are actually owned by Republicans (68%). Only 34% of small businesses owned by those affiliating with the Democratic party said that the economy was good.
This isn’t just an anomaly. The report, which is produced quarterly, has consistently shown double-digit differences between Democrat and Republican small business owners across all industries when it comes to their economic confidence and outlook.
The latest report, which surveyed more than 2,000 business owners in mid-November, found significantly different viewpoints on the effect of political events in Washington on their businesses. For example, Republican business owners felt that the current impeachment proceedings would have a significant negative effect on their companies, much more so than their Democrat counterparts. However, rising deficits and a government shutdown were more of a concern for Democratic business owners.
Hmm. So what about all those other small business surveys?