I recently watched an interview with Bernie Marcus, founder of Home Depot. He talks about the disconnect between the current administration and small businesses. He points out that the package for small business Mr. Obama is pushing won't help small business... as an example, accelerated depreciation isn't going to help the restaurant owner. It's geared towards big businesses like General Electric, not the small businesses across our nation.
Bernie goes on to say that like me, he wants to see tax cuts for small business and he's all for keeping the "Bush Tax Cuts" in place! While the Administration would argue that only a small % of small business would benefit, Bernie tells it like it is... the Obama Administration is surrounded by the likes of Timothy Geithner & Larry Summers giving him economic advice when both have spent their lives in academia and haven't ever owned their own business. Obama doesn't have one business person advising him who could speak to business people!
We hear that banks aren't loaning money to small business. Bernie debunks that myth, just as I have heard from bankers across District 7. Banks are more than willing to loan to small business. Small business isn't willing to borrow. Why? Fear, Uncertainty and Doubt or as it's called, "The FUD factor".
Small business does not trust the future...they have no idea what's coming. New regulations are coming down the pike almost daily. They can't plan... they have no idea what Obamacare will cost them. They know that the Administration wants to hike taxes, so they wonder how this will impact their cash flow. They fear the national debt and deficit and worry whether inflation will raise its ugly head from so much borrowing.
The bottom line is we have to get rid of the 3 Legged Monster I talk about all the time and let small businesses grow and prosper. With it will come jobs and a stronger economy.
Watch Bernie Marcus' interview on my You Tube Channel
~ Rick
Voting for You - Balancing the Budget for US!
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