FOX Business’ Madison Alworth speaks with ‘People’s Bakery’ owner Damian Chavez on the key economic issues that drove his vote to the Republican Party.
FIRST ON FOX: America’s small business owners feel a 180-degree change stirring in the economy, and are overall optimistic about tariffs and the Department of Government Efficiency’s (DOGE) budget-slashing efforts, according to a new survey.
RedBalloon and PublicSquare’s first Freedom Economy Index (FEI) of 2025 – conducted between February 25 and March 7 – gathered sentiment from more than 50,000 owners across 34 states. It found that 68% of respondents anticipate either « slow » or « robust » economic growth throughout the year.
When compared to the last survey published in October, nearly six in 10 small business owners said they believed the U.S. was headed towards recession.
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The first Freedom Economy Index survey of 2025 found that business owners are unfazed by tariffs and overwhelmingly supportive of DOGE efforts under Elon Musk. (Getty Images)
The switch in recession worries came after the election, according to the FEI, with 80% saying their opinion has improved « greatly » or « somewhat » since President Donald Trump won his second term. Only 6.6% say their opinion has become more negative about the economy.
Not only are nearly one-third of business owners readying to expand their hiring this year, but they are also seemingly unfazed by the tariff debate. However, inflation concerns still linger.
When asked what their top three concerns are over the next six months, nearly 70% said inflation, followed by taxes and regulations. Tariffs ranked as the least of their worries, at 16.9%.
Three voters who are also seeking employment spoke with Fox News Digital about how their financial situation has worsened over the last four years and its impact on their ballot decision.
Six in 10 small business owners reported that high inflation continues to be a problem. In the October survey, nearly 88% said high inflation was still a factor.
Past FEI surveys have indicated that owners blame runaway government spending for the decades-high inflation once seen under the Biden administration. That reportedly makes them excited about DOGE’s efforts to cut excessive spending.
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Small business owners’ top priority in President Trump’s first 100 days is to end wasteful spending and cut government size, with 78.4% of respondents ranking that in the No. 1 spot.
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Almost 50% of survey-takers say they are « extremely confident » that DOGE chair Elon Musk will be successful in its mission to reduce spending waste, with just 2.8% saying they’re « not at all confident. »
When evaluating what DOGE’s top agency targets should be, 33.7% of owners want Musk to clean house in the Treasury and Internal Revenue Service. The Departments of Health and Human Services, Education and Justice came in second, third and fourth places, respectively, all hovering around 15%.
Most front-line businesses – 76.7% – also feel that the attacks against DOGE for accessing potentially sensitive data and information at the federal level are « fake outrage » by those opposed to the Trump presidency.
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Musk is also the Trump advisor American business owners love most, with 79.1% agreeing they strongly approve of him. Musk is followed by Defense Secretary Pete Hegseth and HHS Secretary Robert F. Kennedy, Jr.
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The business owners’ proposed solutions to economic problems are ultimately broken down into seven major policy thrusts: reduce regulation, develop more skilled employees, lower taxes, gain better access to capital, control inflation, promote economic stability and lower energy costs.
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