There will be no shortage of major topics to discuss in tonight’s presidential debate between Joe Biden and Donald Trump: foreign policy, the culture wars and Biden’s mental health are all likely to be key topics.
Unfortunately, President Trump’s blatant political prosecution and the sideshow of January 6th will eat up much of the precious airtime that could be spent on the many urgent issues facing the country.
But America’s 33 million small businesses are looking to the candidates to answer who will restore our Main Street economy. Overall, small businesses are in a worse position than they were five years ago, and tonight’s debate will be an opportunity to study the contrast between the two periods.
According to JCN Latest SBIQ Poll More than 10% of small businesses nationwide are concerned about inflation. This is not surprising given the impact inflation has on profit margins and customers. Under the Biden administration, the prices of goods and services will rise. 20 percent increase – are rising much faster than average wages – and gas prices 50 percent increase.
Debate moderators should prioritize hearing where the candidates stand on finally taming the inflation and cost-of-living crisis that is ravaging Main Streets across the nation, and particularly press Biden on how his Modern Monetary Theory advocacy of reckless government spending has led to the dilution of existing money and too many dollars chasing too few goods.
President Joe Biden records a digital video about Bidennomics in the Map Room of the White House on August 16, 2023. (Official White House Photo by Adam Schultz via Flickr)
Don’t expect Biden to apologize for his socialist spending and admit it like Bill Clinton did. Achieved successfully in 1996 – The era of big government is over. Biden will almost certainly try to avoid accountability on this issue with demagoguery about “corporate greed.”
Moderators should not tolerate this insult to small businesses. Corporate profits are decliningand small businesses are facing rising input costs that they must pass on to consumers in order to stay profitable. study A report by the Federal Reserve Board also rejected Biden’s assertion, concluding that “headline markups have remained essentially flat since the economic recovery began.”
Other pressing concerns for small businesses are regulations and taxes. The regulatory onslaughtNew and burdensome rules are being imposed, including increasing overtime pay, banning non-compete agreements, mandating electric vehicles and regulating internet access, hurting job creators.
The moderator should ask Biden if he intends to continue these anti-business restrictions and Trump if he intends to continue on his record. Cut the 8 rules Each new measure that would be implemented if he returns to the Oval Office.
Of particular concern to entrepreneurs is the extension of the Tax Cuts and Jobs Act (TCJA), which expires at the end of next year and provided small businesses with a 20% tax credit, immediate expense write-offs and lower tax rates, and was crucial in helping ordinary businesses weather the pandemic and the Biden economy.
Biden has pledged to let the TCJA lapse if he is re-elected, which would be a fatal blow to many small businesses that are barely hanging on and would contradict his promise not to raise taxes on people making less than $400,000 a year.
Trump and the debate moderators should try to make it clear whether Biden is willing to sacrifice small businesses to appease Democrats who want to confiscate Main Street revenue for their own purposes.
Given the size of small business and the struggles it has had in recent years, this election may be decided by the small business demographic, and the moderators and candidates should remember this and make sure they speak out about small business issues tonight.
Alfredo Ortiz is CEO of the Job Creators Network. A true racial revolutionary Co-organizer of Main Street Matters Podcast.
