Small Businesses Optimism Takes a Hit in New Freedom Economy Index Report

Hannah Montoya
Published on
October 10, 2023

Small Business Optimism Plummets in Latest Freedom Economy Index

PublicSq, America’s leading values-aligned marketplace, has partnered with RedBalloon on the latest edition of the Freedom Economy Index. The September survey findings showcase a significant decline in the economic outlook among America's small business community.

As a platform created for and by pro-America small business owners and entrepreneurs focused on upholding the liberties afforded to us by the Constitution, we at PublicSq. feel it's critical to spotlight the perspectives of small business owners nationwide. They are the backbone of the US economy, creating jobs and opportunity. Their views provide the leading indicator of this country’s economic condition and health.

Collaborating with RedBalloon for Freedom Economy Index (FEI)

We are excited to have the opportunity to collaborate with RedBalloon on the Freedom Economy Index – an ongoing survey of over 60,000 small businesses on economic issues that impact them. The results provide some very powerful insights worth reviewing.

The September edition reveals a decisively sharp downturn in optimism. Only 27.6% of respondents feel positive about their business's future. A majority are pessimistic amid recession warnings.

Contributing factors include ongoing high inflation, rising interest rates, and lack of trust that government leaders will take needed action to curb reckless spending and debt.

Turning the Tide Against Economic Strain

As America’s Marketplace built by ‘We the People’, ‘for the People’, and owned by ‘We the People’, PublicSq. urges policymakers to heed this wake-up call. Families, consumers, and small business owners are feeling the increasing economic strain. They expect fiscal responsibility from elected officials.

Key Insights from the Report

According to the report, there was a 35% jump in business owners who predict the US is heading into a “Major recession,” with 85.3% of all respondents now anticipating a difficult economic road. And worse, business owners are putting hiring on hold, with the number of businesses neither hiring nor reducing staff climbing to 65.6%, up from 53.6 in August. And even more concerning, the small business community doesn’t trust either the Biden Administration or congressional leadership to take necessary fiscal action. 91.3% of respondents said they do not believe congress nor the President “will ever act to reduce the national debt.”  And 85.2% of respondents said they believe “the size of the national debt hurts their business directly.”

The full Freedom Economy Index report can be downloaded here.

We thank RedBalloon for this insightful partnership. PublicSq. believes that by rising up and joining together as pro-life, pro-family, and pro-freedom businesses and consumers, we will restore our nation to its former greatness and profoundly shape our country’s future.

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