During yesterday’s roundtable on ABC’s This Week, Donna Brazile tried spinning her way through a question about what President Obama has done for small business owners. Here’s what she said:
What we can do is talk about what the President is doing to help small businesses compete, what the President is doing to help small businesses grow and hire people. That’s what we’re talking about. We’re not anti-small business. We’re trying to help small businesses compete.
Let’s have that discussion. When a small business files their taxes as an individual, the business’s earnings are counted as the individual’s income. President Obama wants these S-corps and LLCs to pay a marginal tax rate of almost 40%.
This money typically isn’t taken in salary by “the rich.” It’s frequently invested in their businesses. How will increasing their taxes at this time help small businesses or their employees? It won’t.
How has this administration’s EPA helped small businesses? It hasn’t. This administration’s EPA isn’t greenlighting the permits needed for switching vehicles from diesel fuel to liquified natural gas. That step alone would cut delivery expenses dramatically.
When President Obama delayed a decision on the Keystone XL Pipeline project, he stopped small businesses from playing an important support role in building the pipeline.
These small businesses have been hurt by some of President Obama’s lesser known initiatives. That’s before talking about the 8,000 elephant in the room, aka the ACA.
That’s before talking about this administration’s disastrous energy policy, if it can be seriously considered policy. President Obama put a higher priority on campaign contributions than on strengthening America’s energy supply for a generation. The deal that the Chinese are on the verge of signing won’t stop global warming like militant environmentalists want. The Chinese deal will officially stop the Keystone XL pipeline, killing thousands of jobs.
If that’s this administration’s idea of helping small businesses, then I’m betting small businesses wish government got out of the business of helping small businesses.
This administration’s economic legacy is a disaster. Job growth is anemic. Economic growth dropped from 4.1% in Q4/2011 to a tiny 1.5% in Q2/2012. FYI- That 4.1% growth was the best of this administration. The Reagan recovery started in earnest in Q2/1983. The GDP that quarter was 10.9%. That quarter was followed by quarters of 6.5%, 7%, 7.4% and 5%.
In President Reagan’s third September in office, the economy created 1,100,000 jobs. After a strong start this year, it’s questionable whether the economy under this administration will create 1,100,000 jobs this year.
Finally, we know from corporations parking their money on the sidelines that their money will stay on the sidelines until regulations are reformed, the ACA is repealed and Dodd-Frank is just an awful memory. That means this is the best economic performance we can expect in an Obama administration.
That’s why we can’t afford 4 more years of this economic stagnation.