President-elect Joe Biden is taking office at a very difficult time. The US economy is still unable to recover from the coronavirus pandemic. Besides, Donald Trump’s presidency and trade policy has been a serious shock for the country.
Curiously enough, Biden has not officially taken the oath of office yet but he is already being blamed for poor economic performance. The Small Business Confidence Index plunged to 48 points in the fourth quarter, logging its all-time low. It is quite surprising that some experts condemned Biden for the recent fall in the index. Notably, it began to decrease in the second quarter due to the coronavirus woes and the global economic crisis.
However, there is a reason for concern and distrust. Many small businesses in the United States are not happy with the tax policy of the President-elect and expect a negative impact on their business in the next 12 months. Others do not believe that the government will be able to help them somehow. Nevertheless, some businesspersons are sure that Joe Biden's policy will give a boost to business. Yet, 55% of respondents think otherwise.
Biden has already declared he will raise taxes. Analysts reckon that it will happen almost immediately after Biden has taken the office.
