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Midterm Election Cycle is Heating Up!
Following the 2020 election year, no one predicted or could have imagined a crazier election year, and yet, 2022 is shaping up to a wild and crazy election.
If recent polling is a prediction, the trifecta enjoyed by the Democratic party will end following the 2022 mid-term elections. President Biden’s favorability is hovering around 40%, and while statistically the US job market is booming, the pressure of increasing inflation is very much dampening the mood of record breaking low unemployment. Republicans are seemingly well positioned to at a minimum secure the majority in the House of Representatives and a growing body of polling that shows a path for Republicans to also secure the majority in the US Senate. Given the potential significant change in the balance of power in Washington, we wanted to examine the impact it would have the self-employed.
1) Changes to Leadership. A switch in political power results in shifting powers over key committees, including the House Small Business Committee and the House Ways and Means Committee, two important committees that address issues of importance to the self-employed community.
2) Political Payback. House Republicans (and Senate Republicans) are eager to take up their oversight responsibilities should they secure the majority. The most likely targets will be the response to Covid, including the Paycheck Protection Program and the Emergency Injury Disaster Loan (EIDL) program, the exist from Afghanistan, and most likely some investigations into the consulting agreements that Hunter Biden, the President’s son, held during the Obama-Biden Administration.
3) Shift in Legislative Priorities. The current House Republican leadership has been clear that they will tackle Big Tech related issues: censorship, anti-competition, and unfair business practices. This area is complicated for the self-employed and small business community, given the explosion and expansion of the use of digital tools to support businesses during the pandemic. This is an area where we believe the NASE has an important role in ensuring legislation doesn’t curb the innovation and access to these tools.
Given the longevity and reputation of the NASE, we have a lot of experience navigating the political swings of Washington, D.C., always staying laser focused on advocating for the self-employed and micro-business community. We look forward to doing the same in 2023.