Former President Donald Trump and Vice President Kamala Harris recently engaged in a debate that was heavy on personal attacks rather than a serious discussion of critical issues facing the American people. Despite the country’s concerns about the economy, small businesses, which are the backbone of the U.S. economy, were largely ignored during the debate. With small businesses employing nearly half of the American workforce and representing a significant portion of the country’s GDP, it is essential that the next administration focuses on policies that support and sustain these businesses.
Inflation has become a major concern for small businesses, with rising costs cutting into profitability and long-term viability. Both Trump and Harris failed to provide specific plans on how to address inflation and support small businesses through these challenging times. Issues such as shortages, fuel prices, and increasing minimum wages have had a negative impact on small business earnings, underscoring the need for concrete plans to stimulate economic growth and reduce the Federal deficit.
Access to capital for women-owned and minority-owned businesses was also overlooked during the debate, despite the importance of providing support to these groups. While Harris proposed a $50,000 tax deduction to incentivize startup activity, it is crucial to address fundamental issues such as reducing taxes and regulations to ensure the resilience and longevity of small businesses. Government policies should aim to increase the likelihood of businesses surviving long enough to benefit from such incentives, and modernizing processes to support small business owners more efficiently.
Government modernization and upgrading technology were highlighted as essential factors in improving support for small businesses. The processing delays for Employee Retention Tax Credits have been a significant issue for many small businesses, underscoring the need for bureaucratic improvements in the next administration. Businesses have been waiting for over a year for outstanding claims to be processed and paid, indicating the urgency of addressing these bureaucratic failures for the benefit of small business owners.
Both Trump and Harris have expressed their commitment to helping small businesses, with Trump implementing policies during his term that benefited small businesses. Harris, on the other hand, should have highlighted the record small business creation and expansion of SBA lending under the current administration. The focus on spurring small business growth while addressing inflation must be a priority for the next U.S. president, combining effective monetary policy and reduced government spending to support small businesses and drive economic growth.
In conclusion, the next administration must prioritize supporting small businesses through concrete policies that address inflation, access to capital, and bureaucratic challenges. Both candidates have outlined their commitment to helping small businesses, and it is crucial that the next U.S. president focuses on policies that foster economic growth and sustainability for small businesses. By reducing regulations, modernizing government processes, and stimulating private-sector growth, the next administration can ensure the success and longevity of small businesses, which are vital to the U.S. economy.
