Latest surveys conducted by Wells Fargo/Gallup Small Business Index and e-commerce giant Alibaba showed small business owners planning to cut business cost this year and 87% not planning to hire new employees. Also, 30% believe they won't be in business by next year.
When 70% of new jobs come from small businesses, this is bad news for America. The cited reasons are increase taxes, increase government regulations and cost of Obamacare. Under Obamacare, business with 50 or less employees can opt out but they would still face penalties and additional taxes, resulting to 61% of them concerned of the cost and impact of Obamacare.
You are considered small business owner if you have employees 500 or less. There are 28 million small business in America, outnumbering big corporations 1162 to 1. They also employ 60% of the private work force and pays 44% of US payroll. Only 2% are franchise owners while 54% are home basd. Also, 70% of them are owned or operated by one person only.
If Obama believes in free market capitalism, he should help the small businesses because they are the true engine of our economy. Too bad America has a president right now who blame rich people for his bad economic failures. Obama's constant class-warfare-envy rhetoric and blame-the-rich mantra for the past five years made small business owners hide in fear from his never ending attack. Obama didn't realize no poor man can create a job, only rich people.
But his obsession in making the government obese with debt, deficit and wasteful spending while making the private sector anorexic due to high taxes, upcoming Obamacare and sometimes loony government regulations would make Barack Obama not only Jimmy Carter II but the worst historic event in American history.
Copyright 2013
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