Small business owners in America are feeling more hopeful about the economy, with many expecting growth this year. A recent survey by RedBalloon and PublicSquare gathered opinions from business owners across 34 states, showing a shift in outlook since President Donald Trump began his second term.
In the previous survey, a large number of owners believed the U.S. was heading into a recession. Now, most feel more positive about the economy, with only a small group remaining concerned. Hiring plans also reflect this optimism, as many businesses are preparing to expand their workforce.
While tariffs aren't a major concern for most owners, inflation continues to be a pressing issue. Business owners identified inflation, taxes, and government regulations as their top worries over the next six months. In contrast, tariffs ranked much lower on their list of concerns.
Many owners blame the high inflation on government overspending from the previous administration. This has led to strong support for the Department of Government Efficiency (DOGE) and its plans to cut wasteful spending. Reducing government size and waste has become a top priority for Trump's new term.
Elon Musk, who leads DOGE, enjoys widespread confidence among business owners. Many believe he will succeed in reducing spending, though a small group remains skeptical. When asked which agencies Musk should target, the Treasury and IRS were the most common choices, followed closely by the Departments of Health and Human Services, Education, and Justice.
There's also a strong belief among owners that criticism against DOGE for accessing federal data is exaggerated and politically motivated. Musk stands out as the most popular advisor in Trump's administration, with Defense Secretary Pete Hegseth and HHS Secretary Robert F. Kennedy, Jr. also receiving notable support.
To address economic challenges, small business owners propose several key solutions. These include cutting government regulations, training more skilled workers, lowering taxes, improving access to capital, controlling inflation, creating a stable economic environment, and reducing energy costs.
General informational content only. Not tax, legal, or investment advice. Consult a financial professional before making investment decisions. Conduct due diligence. All investments involve risk, including potential loss of principal.
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