Over the last 4 years, we have seen unprecedented events that have occurred in the private sector, including seeing the Dow Jones Industrial exceeding 30,000 points in 2020. Small business was more optimistic than ever, even though the pandemic is still upon us.
But new numbers show that this reality is soon to come to an end.
The NFIB has reported a decline by 5.5 points to 95.9, the lowest since May of 2019.
Additionally, business owners with high expectations for the next 6 months declined 24 points.
#NEW Small business optimism plunges to 7-month low in December as owners express pessimism about future@NFIB optimism index declined by 5.5 points to 95.9 -lowest since May 2019
Owners expecting better business conditions over next 6-months declined 24pts to net negative 16%
— Greta Wall (@GretaLWall) January 12, 2021
Even with a new presidential administration about to take hold, incumbent officials, such as Governor Ron DeSantis (R-FL), have fought tooth and nail to preserve the economic prosperity Americans have enjoyed as a result of actions by the Trump administration.
The Trump tax cuts have often been credited by Republicans like DeSantis for the dwindling unemployment rate, and the mass increase of the national GDP.
But with a Trump presidency officially on its way out, COVID-19 cases increasing in Florida, and pessimistic business owners, DeSantis is continuing to fight to keep Florida as one of the most productive states in the Union.
The reason Florida has made it through the pandemic and will continue to prosper is due to the responsive nature of Governor DeSantis. DeSantis, less than a week into the coronavirus crisis enacted the Florida Small Business Emergency Bridge Loan Program.
The governor while claiming the health of Floridians is the top priority also stated at the beginning of the pandemic, 'I understand the harm mitigation strategies will have on small business throughout our state.' He elaborates, 'By activating the Florida Small Business Emergency Bridge Loan, we are providing the opportunity for Florida's small business to receive cash immediately to ensure they can lessen the impacts felt as a result from COVID-19.'
DeSantis' swift thinking last March paid off as the Florida Department of Economic Opportunity Executive Director, Ken Lawson described the governor as,
'...a true leader...' and appreciated the governor's efforts to prioritize small business as well as the safety of his constituents.
Since the beginning of quarantine, DeSantis has celebrated a 35% decline in unemployment in August of 2020, making the unemployment rate in Florida 7.4%. Which has beaten many economic predictions.
However, the year-over-year decline in Florida jobs still averages a net job loss. Prompting the governor to acknowledge that Florida still has, 'a ways to go.'
While it may be true that economic hardships plague our horizon, rest assured that the governor has withstood worse. Florida has remained an economic success through the burdens of COVID-19, and the state economy is looking to make a great case for DeSantis' re-election bid in the 2022 mid-term elections.