The Iowa Caucus marks Americans’ first opportunity to begin replacing President Joe Biden’s failed economy. Sadly, voter pushback won’t come soon enough for many small business casualties such as the Jerald Sulky Company, a Waterloo, Iowa-based manufacturer of performance horse-drawn vehicles owned by Erik Lee that is closing after 125 years in business. 

Over the past three years, small businesses have faced numerous hurdles, including COVID-19 shutdowns, historic inflation, high borrowing costs, tax increases and over-regulation. Arguably, the biggest challenge facing small businesses is the beleaguered American consumer.  

The pressure on household budgets, including at higher income levels not historically impacted by inflation, has caused underlying changes in spending patterns that are not yet reflected in overall economic figures.  

The next administration must rein in reckless spending to finally slay inflation and restore America’s vibrant small-business economy. It can rebalance the economy and prices by balancing the budget and squeezing unproductive, government-supported activity and cronyism out of the economy.  

According to Job Creators Network’s recent SBIQ poll of small businesses located in Iowa and other early-primary voting states, 8 in 10 respondents said they’re more likely to vote for a candidate who commits to reducing inflationary spending. It’s too late for businesses like Erik’s, but to the extent ordinary voters understand this small business dynamic, they can begin a much-needed national turnaround on Monday.   

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Erik Lee is the owner of the Waterloo, Iowa-based Jerald Sulky Company. 

Alfredo Ortiz is president and CEO of Job Creators Network, author of “The Real Race Revolutionaries,” and co-host of “The Main Street Matters” podcast.