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Boom Times: 83% execs say business is better, 76% see more growth

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Over eight-in-10 executives believe that business is better than it was two years ago, and almost as many expect further growth in the third year of the Trump administration, according to a new survey of decision makers.

The Zogby Poll from Zogby Analytics, provided to Secrets Friday, also found that both big and small businesses see the economic climate in great shape. 

business doing better

“An overwhelming majority (83 percent) of respondents said business is doing better compared to two years ago. Whether this sentiment is the result of actions put forth during the Obama presidency or Trump presidency is up for debate and will be divided along partisan lines, but at the moment there is momentum building in the U.S. economy,” said the trademarked survey.

“At the moment, the economy of the United States is humming, though there are many problems that lurk ahead, such as a recession, interest rate hikes, and an untoward amount of federal debt. But right now consumers are confident and the psychology of financial markets is one that has a positive outlook,” added the analysis. 

growing

The poll, however, revealed an unexpected quirk: Despite the GOP tax cuts that have helped businesses, the executives prefer Democrats in the upcoming midterm congressional elections and also believe that Democrats are better for business.

Some 47 percent plan to vote for Democratic candidates, versus 34 percent for Republicans. 

party supports

What’s more, and in a sign the GOP has failed to deliver a pro-business message, 38 percent believe Democrats “supports business more,” versus 34 percent for Republicans.

Said the analysis, “This is traditionally not the best way to assess the outcome of the midterms and each party’s chances, but business sentiment is with the Democrats—small, medium and large sized businesses say they will vote Democratic. This was especially true of medium size businesses, with 500-1000 employees, who were much more likely (56 percent) than small businesses (43 percent), and large corporations (43 percent) to vote Democratic.”

Zogby Analytics said there are three takeaways: 

  • The economy is good at the moment, but business leaders feel Democrats help them more than Republicans, and say they will vote for the Democratic candidate in the November congressional election.
  • Could this be a sign of things to come in November? Will Democrats get credit for a decent economy? Anything can happen, especially if there is a scandal in Washington, D.C. Voters still may credit Trump and the Republican tax law passed last year as what’s driving the economy.
  • With a divided congress, the Trump administration could shift their focus to foreign policy, with no prospect of compromise in the House and Senate between opposing parties.
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