A new survey by RedBalloon and PublicSquare’s Freedom Economy Index (FEI) has found that small business owners in the US are increasingly optimistic about the economy, despite concerns over tariffs and inflation. Conducted between February 25 and March 7, the survey gathered sentiment from over 50,000 owners across 34 states.
The results show that 68% of respondents expect either slow or robust economic growth this year, a significant increase from last October’s survey where nearly six in ten small business owners feared recession. The shift in opinions is largely attributed to President Donald Trump’s re-election.
Business owners are also seemingly unfazed by the tariff debate, with tariffs ranking as their least concern at 16.9%. Inflation remains a top priority for nearly 70% of respondents, followed closely by taxes and regulations.
The survey found that 78.4% of respondents believe ending wasteful spending and cutting government size is their top priority in President Trump’s first 100 days. Almost 50% say they are “extremely confident” in Elon Musk’s ability to succeed in his mission to reduce spending waste as the head of the Department of Government Efficiency (DOGE).
When asked about DOGE’s agency targets, 33.7% of owners want Musk to focus on cleaning house at the Treasury and Internal Revenue Service. The Departments of Health and Human Services, Education, and Justice were the next in line.
Most business owners also dismiss concerns over DOGE accessing potentially sensitive data as “fake outrage” by those opposed to the Trump presidency. The survey found that 79.1% strongly approve of Elon Musk as a trusted advisor to President Trump.
The proposed solutions offered by small business owners are centered around seven major policy thrusts: reducing regulation, developing more skilled employees, lowering taxes, gaining better access to capital, controlling inflation, promoting economic stability, and lower energy costs.
Source: https://www.foxbusiness.com/media/us-business-owners-share-renewed-optimism-trumps-economy-unfazed-tariffs-doge