Small Business Owners Signal Optimism for Economic Growth Following Trump's Re-election

The results of a recent Freedom Economy Index survey indicate a dramatic shift in economic outlook among small business owners following the re-election of Donald Trump as President of the United States. The survey, conducted in the lead-up to and immediately after the 2024 election, provides insight into the expectations and intentions of America's small business community under a second Trump presidency.

According to the survey, an overwhelming 83% of small business owners expressed a greater willingness to expand and invest in their businesses with Trump's victory. This sentiment is coupled with 81% of respondents indicating plans to hire more employees. These figures stand in stark contrast to the mere 2% who said they would consider expansion and less than 1% who would hire new employees under a hypothetical Harris presidency.

The survey also revealed a significant shift in inflation expectations. Despite 87% of respondents reporting in October that high inflation continued to be a problem, less than 1% anticipate needing to prepare for greater inflation under Trump's second term. This dramatic change in outlook suggests a renewed confidence in the administration's ability to manage inflationary pressures.

The pre-election economic sentiment among small business owners was notably pessimistic. Over half (52%) reported feeling 'pessimistic' or 'worried' about the future of their businesses, while 63% indicated that their opinion of the US economy had become somewhat or much more negative in the month leading up to the election. The stark contrast between these pre-election concerns and the post-election optimism underscores the impact of political leadership on business confidence.

Michael Seifert, CEO of PublicSquare, commented on the survey results, stating, 'The Freedom Economy Index has been spot on in describing the pain small business owners have endured over these past four years, and I expect these same business owners will follow through on their intentions to invest in their business growth under a Trump presidency.' This sentiment was echoed by Andrew Crapuchettes, CEO of RedBalloon, who noted, 'It's been less than 24 hours after the polls closed, and we're already feeling a new energy among our customers.'

The implications of this shift in small business sentiment could be significant for the broader US economy. Small businesses are often considered the backbone of the American economy, accounting for a substantial portion of job creation and economic growth. If the intentions expressed in this survey materialize, it could lead to a surge in employment, increased economic activity, and potentially, a boost to local and national economies.

However, it's important to note that intentions and actual actions can differ, and external factors beyond political leadership can influence economic outcomes. The coming months will be crucial in determining whether this renewed optimism translates into tangible economic growth and job creation.

As the dust settles on the 2024 election, all eyes will be on the small business sector to see if this surge in confidence leads to the economic revival many are hoping for. The response of small business owners to the political landscape could be a key indicator of the direction of the US economy in the years to come.