July 26, 2012
Economic Uncertainty- The #1 Reason President Obama Should Not Be Re-Elected
I was watching a video on economics a few weeks ago and the topic of the election came up. One of the commentators mentioned that the election will be good for the markets and the economy no matter what because it will give us a sense of certainty. The first thing that popped into my mind is "hasn't President Obama had four years to give us that?"
One of the reasons we have not had sustainable economic and employment growth since the financial crisis is because of uncertainty. Tax rates continue to be extended for one year or two, and then their next extension is decided in the "eleventh" hour. Add debt ceilings, fiscal cliffs, 2,000 page bills on financial regulatory reform and healthcare reform, and it's no mystery that small businesses don't have a clue what their costs will be six or twelve months down the road.
Since small businesses do most of the hiring in the United States, is it really a mystery why we've experienced anemic job growth in the summer months for the fourth consecutive year? The President is responsible for many of these crises.
It was his decision to spend the trillions of dollars that took us to the debt ceiling.
It was his decision to take in Bowles/Simpson and the temporary extension of the Bush tax cuts to place us square in the hairs of the "fiscal cliff."
He was the one that pushed for a 2,000 page plus bill on health care and subsequently another 2,000 page bill on financial regulatory reform.
I challenge anyone to read those bills and yourselves if, as small business owners, you could discern your costs over the next year.
I'm not giving an endorsement for Mitt Romney, but to think Barack Obama or anything having to do with his re-election is going to bring economic certainty, ask yourself what's been so certain about the last four years.
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