Tuesday, January 10, 2017

MAKE BUSINESS GREAT AGAIN: Small Business Optimism Best Since Reagan

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MAKE BUSINESS GREAT AGAIN: Small Business Optimism Best Since Reagan

Photo By Tom Williams/Roll Call via Getty Images
By:
BY Aaron Bandler
January 10, 2017
President-elect Donald Trump is already proving to be a boon for business, as small business optimism has reached its highest levels since Ronald Reagan's presidency.
Bloomberg reports that the National Federation of Independent Business's (NFIB) optimism index spiked from 98.4 to 105.8–the largest increase since 1980.
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"We haven't seen numbers like this in a long time," NFIB president Juanita Duggan said in a statement. "Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments."
The dramatic increase in optimism was due to a rosier outlook on the economy because of Trump's pledges to reduce taxes and remove onerous red tape that is hampering small businesses.
Barack Obama's presidency has not been kind to small businesses, as in 2015 The Washington Post reported that entrepreneurship never fully rebounded from the 2008 recession and that businesses were dying at a higher rate than being created. There has also been a dramatic decline of small businesses started by millennials since 2010.
Small business creation is crucial to the economy, as "young businesses account for nearly all net new jobs (job gains minus job losses) created annually in the United States," according to the Post, so a business climate stifled by the heavy hand of government is a serious problem.

"We haven't seen numbers like this in a long time." 

NFIB president Juanita Duggan
However, with Trump promoting pro-growth policies like across-the-board tax cuts and de-regulation, it seems as if small business growth is poised to be headed in the right direction.
The NFIB's optimism index was based on a survey of 619 small businesses that was conducted to the end of December 28.

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