According to the recent National Center for Middle Market survey, 96 percent of middle market business leaders have strong preferences for the outcome of the ongoing fiscal cliff negotiations. The survey of 1,000 mid-sized business leaders covered all of the nation’s industry sectors and geographic regions.
When asked to identify up to three preferences for the outcome of the current fiscal cliff negotiations, the participants said:
- Some form of deficit reduction (64 percent)
- Additional cuts to government spending (54 percent)
- Reform to corporate tax code (43 percent)
- Increased taxes for higher-income earners (29 percent)
More than half (64 percent) of respondents reported that they have already reduced their spending due to the uncertainty associated with the threatening fiscal cliff.
The National Center for Middle Market research reports that U.S. mid-size businesses-those with annual revenue between $10 million and $1 billion- account for one-third of private sector GDP and more than 43 million jobs.
“Middle market managers are clearly concerned about the potential outcomes of fiscal cliff negotiations,” Dr. Stephen A. Buser, emeritus professor of finance at The Ohio State University Fisher College of Business and an economic advisor to the Center, said. “The majority of middle market managers want deficit reduction to include spending cuts.”