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- The number of Americans now working part time has soared to 8.3 million—up 313,000 in the past two months alone. With economic growth declining or stagnant for quarter after quarter, many companies feel it is too risky to take on people full time.
This has created an army of "underutilized labor." America's narrow unemployment rate is 7.9%, but it is 14.6% when accounting for involuntary part-time workers. | Excerpted from today's Wall Street Journal, an article titled "A Part-Time, Low-Wage Epidemic" by Mortimer Zuckerman - Today's Washington Post: “The small business community isn’t placing any bets right now and it’s no wonder in this uncertain economic environment,” SurePayroll CEO and President Michael Alter said. “Hopefully the election results will provide enough clarity around future fiscal and government policies which will spur small business to play their hiring and investment cards.”
But dismal hiring num...bers aren’t the only source of frustration. Small business employees are getting paid slightly less, owners are more stressed about their finances, borrowing is tapering off, and most believe their taxes are going to rise next year – though predicting by exactly how much remains virtually impossible.See More
“Owners are in maintenance mode, spending only where necessary and not hiring, expanding or ordering more inventories until the future become more ‘certain,’” NFIB Chief Economist Bill Dunkelberg said in the group’s most recent report on hiring expectations. - "American small businesses will do their part as job creators when the government gets out of the way. Too much red tape, rising health care costs and tax uncertainty are stifling job creation as a direct result of the President’s policies. When 23 million people need more work and can’t find it, the country needs new solutions.”
http://smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=311766 - As more small businesses cite overregulation as a burden the explosion of new rules and regulations by unelected federal agencies continues to hinder our economic recovery.
“The Federal Register added more pages – about 81,000 per year – over the last two years than at any point in history. As of November 1, the Register stands at 66,148 pages.” - Lending to small businesses is at the lowest level in 14 months, another sign that our private sector isn't “doing fine.”
- The medical device tax included in the President’s healthcare reform is having a devastating impact on small firms in the medical device industry. The excise tax on revenue is hitting startups that aren’t yet profitable especially hard.
“...The tax is also forcing start-ups with marketed products to make difficult choices. Entellus Medical Inc., whose devices enable minimally invasive treatment of sinusitis, or inflammation of the tissue lining the sinuses, will consider various measures to offset the new expense, such as raising prices, making fewer new hires, or investing less in research and development, said CEO Brian Farley.”See More - Small business owner in New Hampshire Union Leader:
“There is no way around the fact that Obamacare will force me to cut back hours, eliminate positions and abandon plans for future growth and hiring. Multiply my story by the thousands of small businesses that are in a similar position, and the true scope of the problem becomes painfully clear.” - “The reality is that most businesses don't want their own cabinet department. They'll invest more and hire more workers if Washington would impose fewer costs, reform the tax code, and stop trying to allocate capital for political reasons. Rebuilding business confidence doesn't require a Secretary of Business but a new President.”
- Our thoughts and prayers go out to all of those affected by Hurricane Sandy, if your business was affected here are some resources that can provide assistance:
- Via The American Spectator
“President Obama talks a big game about helping the average American. But his policies have effectively stalled small businesses, the engine of growth for the middle class. These days it's not the thrifty entrepreneur who gets ahead. It's the corporate businessman with the deep pockets.” - via The Washington Post the fiscal cliff is already burdening our economy. The House has already voted to avoid the cliff, it's time for the Senate to do the same.
"The 'fiscal cliff' is still two months off, but the scheduled blast of tax hikes and spending cuts is already reverberating through the U.S. economy, hampering growth and, according to a new study, wiping out nearly 1 million jobs this year alone." - Economists estimate a drop in GDP of 3.6 to 5.2 percent if our economy is pushed over the fiscal cliff. House Republicans have voted to replace sequester and stop the tax hikes that would hit nearly 9 out of 10 American households.
- LIKE and SHARE if you believe our economy needs a new direction via Reuters:
"You could argue that we are still at recession levels on a lot of the consumer indicators" - Chairman Sam Graves on the Obama administration's failure to publish this year's regulatory agenda:
"The law requires the Federal agencies to reveal their regulatory plans twice a year, but since this administration is content to ignore t...he Regulatory Flexibility Act, these plans have not been offered, and small businesses are left to expect the worst. Planning for the worst does not entail investing, growing, or hiring. So, our economy remains stagnant."See More - The President’s healthcare law could price small businesses out of the health care market; “encourage more small employers to drop coverage altogether.”
- “Single biggest risk” to expanded oil and gas production (and the jobs it creates) is President Obama’s EPA according to The Wall Street Journal.
“The single biggest risk to this expanded production is his own Environmental Protection Agency, which is desperate to regulate fracking at the national level. States do the job now, and for the most part very well, but Mr. Obama won't say if he'd stop the EPA in a second term.” - The Augusta Chronicle op-ed on President Obama’s small business record:
“They are, in short, designed more to give Obama something to brag about than actually to help small-business owners.
“All of which might help explain why Obama’s policies have left small companies increasingly pessimistic.” - Oil and gas production employs 1.7 million Americans, a number that could jump to 3 million by 2020, however this is reliant on the EPA leaving regulating hydraulic fracturing to the states:
“The projections in the report assume the industry remains regulated mainly at the state level, and also assumes that most growth in drilling continues to happen on privately owned land.” - Chairman Sam Graves in The Hill Newspaper:
"What the president fails to see is that the big government he is creating with reckless abandon is the obstacle to the economic growth we so desperately need. We need to get the government out of the way to allow job creators to lift the economy as they invest in their businesses again." - Chairman Sam Graves on “The Imperial President” report:
"This report exposes the Obama administration's pattern of relentless government expansion that creates harmful uncertainty for small businesses. As job creators, small businesses sho...uld be a real priority, not a regulatory target. From the unprecedented power of the Consumer Financial Protection Bureau to the costly health care law, employers face new burdens under the administration's misplaced priorities. Small businesses told an NFIB survey this month they do not expect to hire in the next year, a result of the President's failed policies.See More
“We need to get the government out of the way to allow job creators to lift the economy as they invest in their businesses again. The President has shown time and again a lack of understanding of how businesses grow in the real world. As the Administration continues to skirt the deliberative legislative process and ignore current law, small businesses are left to operate in a cloud of tax and regulatory uncertainty." - More harmful regulations affecting small business, burdening economic growth and slowing job creation. We need a common sense regulatory environment that will foster economic growth, not an environment that creates uncertainty and claims s...mall businesses “don’t actually suffer an injury.” Rett Rasmussen of Rasmussen Gas Logs:See More
“We're alive and kicking, but it's not what it used to be, and when you have to fight your government, it's hard to see where it's going to get back anywhere near where it has been.” - via The Wall Street Journal, increased uncertainty in the tax code, business regulations, budget policy, health-care reform and the monetary stance of the Federal Reserve has contributed to our weak economy.
- Excellent breakdown of the tax burden and risks faced by small businesses by TheStreet.com.
- via The Washington Post the President's healthcare reform:
"Will make the health-care system more confusing , costly and contentious. It won’t control health spending — the system’s main problem — and will weaken job creation." - via Worcester Telegram & Gazette, Massachusetts small business owner:
“The present (Obama) administration is implementing all kinds of additional things and regulations that hinder us doing our job.” - A small business success story sent to us by CareerFuel. Small businesses create 7 out of 10 new jobs in America, congrats to Np Fuel.
- Chief economist of the Tax Foundation on the President's small business tax cuts:
“The biggest effect is that they complicate the tax code, because they are mainly, technically, tax expenditures. They are small, special interest things that aren’t broadly applicable. This is not the right way to incentivize investment." - Via The Washington Post, Tepid job creation under the Obama Administration “not quite enough to keep pace with the normal growth in the labor force, let alone significantly lower the unemployment rate.”
- New small business study by The Hartford shows small businesses aren't encouraged by the tax and regulatory environment; 2 out of three don't expect to hire in the next 12 months.
http://www.thehartford.com/successstudy/
- via The Wall Street Journal under the Obama administration the EPA is "on a regulatory binge like nothing in modern U.S. history against traditional carbon-based sources of energy, coal in particular."
- While nearly 9 out of 10 small business owners believe that fiscal cliff tax hikes will hurt their business The Washington Post notes that the President is willing to play a dangerous and unnecessary game of chicken:
“His veto threat chall...enges Republicans to a dangerous game of chicken over a fiscal event that would raise taxes for nearly 90 percent of households, slice deeply into military and domestic budgets, and probably spark a brief recession.”See More - Another small business poll shows that the majority of small business owners don’t plan to hire next year, more than 3 out of 4 small business owners expect their taxes to go up.
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