Linda McMahon, former head of the Small Business Administration under President Trump, recently voiced serious concerns regarding the future of small businesses in the U.S.
According to the New York Post, she fears that a presidency led by Vice President Kamala Harris and Minnesota Governor Tim Walz could impose harsh economic conditions for small enterprises.
During an appearance on FOX Business’ “The Big Money Show,” McMahon criticized the economic trajectories seen under the current Biden-Harris administration, particularly noting increased regulation and taxes compared to the previous administration. She pinpointed the augmented burden these policies have on small businesses, suggesting a possible continuation and escalation under Harris and Walz.
McMahon sharply contrasted the Trump and Biden-Harris administrations in terms of regulatory and tax landscapes. Under Trump, McMahon noted, small businesses experienced heightened optimism and growth, a sentiment supported by data from the National Federation of Independent Business.
Linda McMahon attributed the economic downturn to policies enacted under the Biden administration rather than corporate behaviors such as price gouging.
She argues that this stance of the current administration is misguided and detrimental to economic recovery and stability.
Furthermore, Linda McMahon voiced criticisms directly at Governor Tim Walz, noting that he presides over a state with the highest corporate tax rate in the country.
This, she suggests, could be a precursor to the types of policies that might come into play on a national level should the Harris-Walz ticket succeed.
Linda McMahon provided a detailed critique of the current and potential future economic policies:
McMahon remarked, “They’re afraid to grow...Why would there be more business innovation, if that kind of damper is put on the enthusiasm for small businesses.”
In her public statements, McMahon has argued that price controls, like those potentially on groceries as part of the Harris-Walz economic proposals, would further stifle innovation and discourage small business growth.
Linda McMahon stated emphatically, “I am afraid of what, you know, a Harris-Walz administration would bring with more regulation, more taxes – and I just think that’s what we’ll see. Let me just take you back a little bit under the Trump administration...we had the highest optimism rate, according to NFIB, from small businesses...Under the Biden-Harris administration, we saw [an] increase in regulations, increase in taxes, optimism levels fallen.”
Despite these warnings, the potential reach and impact of a Harris-Walz administration continue to be a significant factor for the business landscape, particularly for small businesses viewed as the backbone of the U.S. economy. McMahon's credentials and her role under the Trump administration lend weight to her assertions, appealing to those concerned with the economic health of small enterprises.
Vice President Kamala Harris and Tim Walz made their case to the public at an event earlier this month at the University of Nevada, Las Vegas, where they presented their vision for the country’s future.
Following this, some business leaders like McMahon have expressed increased concern, fearing that the Harris-Walz administration's policies would mirror those of the current administration, which they see as inhibiting business growth and controlling economic inflation.
In summing up her concerns, Linda McMahon also emphasized the natural interdependence between thriving businesses and a robust workforce:
“We have to support our small businesses, we have to support our American workers because that’s the only way the economy does grow and flourish.”
The debates over the true impact of these potential administration changes on small businesses continue to stir significant discourse as the country heads toward another election cycle. The perspectives and experiences shared by individuals like Linda McMahon highlight the ongoing debate about the direction of U.S. economic policy and its real-world impact on small business owners and entrepreneurs across the nation.
