Today, the Job Creators Network Foundation (JCNF) released its August Small Business IQ Poll of 500 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall small business sentiment about the economy, is little changed compared to the previous month—rising by one-tenth of a point to 52.9. The reading remains near a record low and is down 11 percent since this time last year.

A majority (57 percent) of small business owners now believe the U.S. economy has entered a recession, while only 30 percent of respondents rate the condition of the U.S. economy as good or excellent. Meanwhile, a vast majority of small business owners are opposed to a major component of the recently passed “Inflation Reduction Act.” Seventy percent of respondents oppose doubling the size of the IRS, which will trigger more audits of Mainstreet.