No Time For Uncertainty
There’s no question that small businesses will be a vital part of our economic recovery. More than 60% of new jobs are created by small businesses, and if we are going to get the economy moving again, we must enact policies that help, not hinder, these employers. Unfortunately, the Wall Street Journal reports today that Congress has created so much uncertainty in the small business community that owners are frightened they cannot afford to hire new workers. This stems from the debates over health care, taxes, cap and trade, financial regulation, and other policies.
The health care overhaul is threatening unknown obligations on small business. Impending financial regulations have forced banks to tighten lending that small businesses need to expand. Higher energy costs from cap and trade legislation have employers worried, and Congress is threatening to raise taxes. These potential policy changes have created an unprecedented era of doubt for small businesses, the engine of growth for our economy.
There are countless problems facing America right now, but our most immediate concern needs to be getting people back to work. With Connecticut reaching its highest unemployment levels in 33 years, this is an urgent matter. Small business owners shouldn’t have to worry that Congress will pass a law tomorrow that will force them to close their doors. Government should work as a partner with small businesses as they struggle through this recession. Until this happens, the job market will not improve.
[Graph - courtesy: Wall Street Journal]