Biden targets small businesses in expanded Bidenomics pitch.
President Joe Biden Highlights Small Business Credentials in Pitch for Bidenomics
President Joe Biden is emphasizing his small business credentials as he presents his Bidenomics economic policies to skeptical voters. The message, coming from the White House, aims to counter a powerful Republican criticism of the president ahead of next year’s election.
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Biden is set to announce new competition policies during a competition council meeting on Wednesday, with the White House stating that these policies are designed to assist entrepreneurs and small business owners. However, Alfredo Ortiz, president and CEO of Job Creators Network, criticized the council for prioritizing “style over substance.”
“Biden’s council misunderstands economics by making political moves, such as trying to ban ’junk fees,’ the costs of which simply get added to underlying prices,” Ortiz told the Washington Examiner. “Governments can’t create competition; they can only impede it.”
“The government can only pick winners and losers,” he said. “To truly create competition, the government should do less, not more. Biden and his bureaucrats should get out of the way to let small businesses compete, bringing down prices and improving quality for ordinary Americans.”
Rachel Snyderman, the Bipartisan Policy Center’s economic program director, echoed the importance of supporting small business owners, innovators, and entrepreneurs in order to protect America’s role as a global economic leader. She acknowledged that small business owners still face challenges such as access to credit, which existed before the pandemic. Snyderman expressed optimism about efforts to modernize the Small Business Administration through reauthorization.
When asked about Biden’s response to the House Oversight Committee hearing on his son Hunter’s case, White House press secretary Karine Jean-Pierre referred to the competition council meeting as evidence of the president’s busy day.
“That’s what the president’s going to be focused,” she said. “I’m just not going to speak to the hearing that’s happening tomorrow. We won’t comment from here.”
The White House described Wednesday’s announcement as a key pillar of Bidenomics, as the president’s approval-disapproval rating stands at around 38%-58%, a net negative 20 percentage point difference, according to RealClearPolitics.
The CNBC and SurveyMonkey’s Small Business Confidence Index showed an increase last quarter, with 40% of small business owners believing that economic conditions are favorable for their business. Additionally, 46% expect their business’s revenue to increase in the next year, and 28% anticipate an increase in the number of employees. However, only 3% of small business owners consider broader economic conditions to be excellent.
Despite a lack of clarity on how Biden’s new competition policies will directly benefit entrepreneurs and small business owners, the White House highlighted various funding initiatives, including over $450 billion in pandemic-era small business funding, as well as programs from the Treasury Department and the Commerce Department Minority Business Development Agency.
Biden’s announcement follows his promotion of a “record” number of small business applications and federal government procurement spending. He emphasized his commitment to supporting small businesses and building the economy from the middle out and bottom up.
Meanwhile, Rep. Roger Williams (R-TX) announced that the House Small Business Committee has passed several bills, including the POST IT Act and the Small Business Regulatory Reduction Act, which aim to provide guidance and reduce the cost of rulemaking for small businesses.
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