As the next presidential debate promises to unfold with much fanfare, America’s small businesses are yearning for clarity and solutions from the candidates, Joe Biden and Donald Trump. With pressing issues like foreign policy and cultural disputes on the docket, the real concerns of Main Street must not be overshadowed by sensationalist topics such as political prosecutions and the events of January 6. The livelihood of the nation’s 33 million small businesses is on the line, demanding answers on who can genuinely rejuvenate the American economy.
Also hurting small business is the influx of illegal aliens who compete with established businesses without proper licensing, insurance, employee benefits or paying taxes. Candidates must adequately address how to completely shutoff illegal immigration and deport those here illegally.
The plight of small businesses today starkly contrasts their situation just five years ago. A recent survey by the Job Creators Network (JCN) highlights inflation as the predominant concern, a reflection of the economic hardship gripping owners nationwide. The cost of goods and services under President Biden’s tenure has surged dramatically, with prices climbing by 20% and the cost of gas escalating by 50%. These rising expenses have squeezed profit margins and eroded purchasing power, placing a considerable strain on business operations and the wallets of everyday Americans.
Debate moderators have a consequential task ahead: to extract meaningful responses from the candidates on how they plan to address and mitigate this cost-of-living crisis. Biden’s approach, rooted in Modern Monetary Theory and expansive government spending, has flooded the economy with dollars, resulting in too much money chasing too few goods. The need for accountability on this issue is paramount, yet Biden is likely to deflect blame with rhetoric on “corporate greed.” This narrative is easily debunked by a recent Federal Reserve study indicating that corporate profits have remained flat, juxtaposed with skyrocketing input costs that businesses are compelled to pass onto consumers to stay viable.
Equally critical are the issues of regulations and taxes, which have seen a dramatic shift under the Biden administration. The current regulatory prescripts— covering everything from expanded overtime pay to mandated electric vehicle usage— have piled additional burdens onto small businesses. These measures stifle job creation and further complicate the operating landscape for entrepreneurs. Trump’s record of slashing eight regulations for every new one introduced stands in sharp contrast and underscores his commitment to cutting red tape if elected again. The public deserves to know whether Biden plans to persist with his regulatory agenda or if he is willing to offer reprieve to embattled small businesses.
Particularly worrisome is the fate of the Tax Cuts and Jobs Act (TCJA), which sunsets next year. This legislation has afforded small businesses vital relief through a 20% tax deduction, immediate expensing, and reduced rates—tools that have been indispensable during the tumultuous period of the pandemic and subsequent economic instability. Biden’s pledge to let the TCJA lapse if he wins reelection poses a severe threat to small businesses, potentially undercutting his promise not to raise taxes on those earning less than $400,000 annually. The candidates must address whether they are willing to sacrifice Main Street’s well-being to satisfy partisan fiscal agendas.
As the debate progresses, the candidates must recognize that the voices and votes of small business owners might very well determine the outcome of this year’s election. Ensuring that these real, tangible issues take center stage is not only paramount for tonight’s debate but for the future economic health of the country. Both Biden and Trump have a duty to articulate clear, actionable plans that will restore and reinvigorate Main Street, providing the stability and growth opportunities that small businesses so desperately need. This is more than a political debate; it is a critical juncture for American enterprise, demanding that the concerns of the nation’s economic backbone are not just heard, but addressed comprehensively and definitively.
