Donald Trump’s November 8th victory has already done so much good for so many people around this country. Among those people are small business owners. Since Mr. Trump became President Elect Trump, small business owners’ optimism has skyrocketed.
The November reading of the National Federation of Independent Businesses’ small business optimism index jumped to 98.4 from 94.9 — its sharpest surge since 2009 — with all of the increase in sentiment coming after the U.S. elections held on Nov. 8.
“This month we bifurcated the data to measure the results before and after the election,” stated Chief Economist Bill Dunkelberg. “The November index was basically unchanged from October’s reading up to the point of the election and then rose dramatically after the results of the election were known.”
Unlike a Clinton presidency, which would have been detrimental for the small business population of America, the Trump presidency promises prosperity by his plan to cut corporate taxes. This offers the most benefit to firms that earn more revenues domestically — a category most small businesses fall into.
“The possibility that Linda McMahon, who Trump nominated to lead the Small Business Administration, might roll back regulation and help fulfill the real-estate mogul’s pledge to repeal Obamacare also contributed to higher optimism among small business owners,” said Dunkelberg.
“Small businesses like unified Republican government,” said Neil Dutta, head of U.S. economics at Renaissance Macro Research LLC, who highlighted that the NFIB’s index fell in November 2012 — when Obama won re-election — but recorded a solid rise in November 2004 after voters granted George W. Bush a second term.