Small-business confidence drops to lowest level in eight months

posted at 2:01 pm on July 10, 2012 by Ed Morrissey

Yesterday, Barack Obama responded to criticism of his plan to hike taxes on those earning as little as $250,000 a year — a class which includes a large number of small-business owners — by claiming that those entrepreneurs have no greater friend than the current President.  He pointed to a number of tax breaks and credits he championed for small businesses, and dismissed the effects of hiking their taxes now:

Now, we can already anticipate — we know what those who are opposed to letting the high-end tax cuts expire will say.  They’ll say that we can’t tax “job creators.”  And they’ll try to explain how this would be bad for small businesses.

Let me tell you, the folks who create most new jobs in America are America’s small business owners.  And I’ve cut taxes for small business owners 18 times since I’ve been in office.  (Applause.)  I’ve also asked Congress repeatedly to pass new tax cuts for entrepreneurs who hired new workers and raised their workers’ wages.

But here’s the thing that you have to remember.  The proposal I make today would extend these tax cuts for 97 percent of all small business owners in America.  In other words, 97 percent of small businesses fall under the $250,000 threshold.  (Applause.)  So this isn’t about taxing job creators, this is about helping job creators.

Apparently, job creators aren’t buying that argument. The latest report from the National Federation of Independent Business shows a drop in optimism to the lowest level in eight months among small-business owners, and the inclination to hire falling even further:

The National Federation of Independent Business’s Small Business Optimism Index fell to 91.4 in June, down 3 points from May, according to data released Tuesday. Economists had predicted a milder fall to 93.

A sub-index that tracks expectations about economic and business conditions over the next six months  sank eight percentage points to -10%, after rising three points to -2% in May. (Overall optimism slipped in May, but only slightly.) Another sub-index that tracks plans to hire dropped three percentage points to 3% in June after rising one percentage point in May.

Small businesses said “weak sales” were their most pressing problem and that they weren’t adding a lot of jobs and not planning to in coming months. “After a somewhat promising start, owner optimism has reversed trend solidly,” the NFIB’s chief economist William Dunkelberg said. “The June results were an economic downer.”

The NFIB notes that confidence dropped in nine out of ten categories — with credit being the only upside:

There was no good news in the June survey. The Small Business Optimism Index posted a decline of 3 points, falling to 91.4. This is a clear indication of slow growth. Only one of the ten Index components improved, expected credit conditions. Labor market indicators, spending plans for capital equipment and inventories took a drubbing, accounting for about 40% of the decline. Neither the Supreme Court’s decision on healthcare nor the highway spending bill effects are included in the June data….

The 10 Index questions lost a total of 30 percentage point in net favorable responses. The impact of the SCOTUS decision on health care will show up in the July survey as it occurred late in the month, ditto for the transportation bill which didn’t make much of a news splash. The health care decision was probably not what most owners expected, so “disappointment” over that will be reflected in the July survey responses. With over 20 new taxes ($800 billion) and most of the regulations yet to be written by HHS, the implications for employee costs remain unclear.

Pile onto that a President looking for a tax hike down to the $250K level, and it’s no wonder small businesses are feeling a lot more pessimistic.  Given that even Obama acknowledges that the engine of job creation is small business, one might think that a President who needs to start seeing better jobs reports ASAP would try to reduce the fiscal and regulatory burdens that these entrepreneurs face rather than escalate them.  Unfortunately, Obama seems more inclined to play class-warfare games than to get job creation back on track — and these small business owners know it.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

There goes more hiring

Skwor on July 10, 2012 at 2:03 PM

#winning!

Chuck Schick on July 10, 2012 at 2:03 PM

1. $3,000 new tax per employee.
2. ????
3. Prosperity!!!

Cicero43 on July 10, 2012 at 2:04 PM

This is not a bug, it’s a feature of the Obama Economy. What did you think he meant by Fundamentally Transform America?

SWalker on July 10, 2012 at 2:04 PM

Wealth redistribution is hard….

Thankfully the private sector is doing fine.

Tim_CA on July 10, 2012 at 2:04 PM

It really is rich coming from a doofus president that has never held a private sector job. Well, other than as a fluffer at a men’s dance club that is.

search4truth on July 10, 2012 at 2:06 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

National Federation of Iracist Businesses.

Akzed on July 10, 2012 at 2:06 PM

Obama on dealing with Small Business Owners

“Lecturing to rows and rows of fools that can not even begin to comprehend my BRILLIANCE!!!!!”

Natebo on July 10, 2012 at 2:13 PM

But here’s the thing that you have to remember. The proposal I make today would extend these tax cuts for 97 percent of all small business owners in America. In other words, 97 percent of small businesses fall under the $250,000 threshold. (Applause.) So this isn’t about taxing job creators, this is about helping job creators.

And what better way to make sure that these businesses never go over the $250,000 threshold? Straight out of Karl Marx.

lea on July 10, 2012 at 2:15 PM

I wouldn’t hire anybody now. I mean put it off until after the election. Yes, because only then will we maybe get a little certainty on O-Care etc to guide hiring decisions.

anotherJoe on July 10, 2012 at 2:15 PM

JugEars…..

And I’ve cut taxes for small business owners 18 times since I’ve been in office. (Applause.) I’ve also asked Congress repeatedly to pass new tax cuts for entrepreneurs who hired new workers and raised their workers’ wages.

….WHO THE HECK ARE THESE PEOPLE THAT ARE APPLAUDING…???
…cut taxes 18 times???…when…where…what?

KOOLAID2 on July 10, 2012 at 2:16 PM

damian1967 will be so disappointed.

Bmore on July 10, 2012 at 2:16 PM

IRSCare will send us all to an early grave.

SparkPlug on July 10, 2012 at 2:17 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

I thought it was 1967, no matter, he will certainly be disappointed either way. ; )

Bmore on July 10, 2012 at 2:17 PM

Ain’t seen nothin’ yet – ObamaTax.

Obama’s regressive taxation denotes that he hates the middle and lower classes.

Schadenfreude on July 10, 2012 at 2:18 PM

There is no way he can stop his incessant quest to raise taxes.That’s all he seems to know.The state democrat congress in Texas are complaining now that the Republicans won’t raise taxes.They’re whining about the cuts from the last session.The democrat mind set is tax,tax,tax.

docflash on July 10, 2012 at 2:18 PM

Small businesses won’t hire because they are saving their money to pay all the additional taxes next year.

phillypolitics on July 10, 2012 at 2:20 PM

…cut taxes 18 times???…when…where…what?

KOOLAID2 on July 10, 2012 at 2:16 PM

EXACTLY !!
Where can we find that info ??
I wanna know, but can’t think of where to start looking.

pambi on July 10, 2012 at 2:20 PM

The death of an Emperor..
Happening right before our eyes.

Electrongod on July 10, 2012 at 2:20 PM

Ain’t seen nothin’ yet – ObamaTax.

Obama’s regressive taxation denotes that he hates the middle and lower classes.

Schadenfreude on July 10, 2012 at 2:18 PM

What’s the big deal. All we have to do is make CPAs and IRS people into Doctors so they can do a wallet-oscopy.

SparkPlug on July 10, 2012 at 2:22 PM

….WHO THE HECK ARE THESE PEOPLE THAT ARE APPLAUDING…???
…cut taxes 18 times???…when…where…what?

KOOLAID2 on July 10, 2012 at 2:16 PM

Maybe he’s counting every % from the Bush Tax Cuts as a “time” he cut taxes. But, who the hell knows? Even 0 is just reading it off the teleprompter.

txhsmom on July 10, 2012 at 2:23 PM

All going according to Obama’s destruction plans, for round I.

Keep this in mind on Nov. 6.

Schadenfreude on July 10, 2012 at 2:23 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

…changing the sheets k j…the trolls here generally wet the bed at night…it takes them time to wash and dry those threads!

KOOLAID2 on July 10, 2012 at 2:23 PM

Hey I just made a neologism.

Walletoscopy. :)

Just trying to help our side.

SparkPlug on July 10, 2012 at 2:23 PM

As a small business owner, I am beyond livid at yesterday’s proclamation by Dear Leader.

I have no more words, my anger is so deep, at the sheer destruction this uneducated idiot has wrought on our nation.

ABO2012

herm2416 on July 10, 2012 at 2:25 PM

All about the O

Whatever sounds good at the moment

cmsinaz on July 10, 2012 at 2:25 PM

He pointed to a number of tax breaks and credits he championed for small businesses, and dismissed the effects of hiking their taxes now:

And Norah O’Donnell of all people called him on it today. Wait till you see the way Carney danced around that one.

Carney Pressed About Obama’s Tax Cut Comments In 2010 And Today

Flora Duh on July 10, 2012 at 2:26 PM

As a small business owner I would like to know where the 18 tax cuts he gave me are.

I won’t hold my breath.

goflyers on July 10, 2012 at 2:28 PM

What bho does not understand, that is about everything, his ‘help’ to businesses will not help the businesses and the owners know this! You can not ‘give’ someone 5K to hire someone when it costs the business 25K to keep the employee! Owners of businesses have more financial knowledge than bho has ever had!

bho has done zero to help to help businesses or any other American since elected.
L

letget on July 10, 2012 at 2:29 PM

All about the O

Whatever sounds good at the moment

cmsinaz on July 10, 2012 at 2:25 PM

And the sheeple lap it up like puppy chow.

SparkPlug on July 10, 2012 at 2:29 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

Damien the pretend owner of two businesses?

Of course he’s not here. He’s busy with his vast commercial empire, which he runs out of his huge modern industrial complex conveniently located only two blocks from the heart of downtown Legoland.

He can’t be bothered with you wingnuts.

PetecminMd on July 10, 2012 at 2:29 PM

Hey I just made a neologism.

Walletoscopy. :)

Just trying to help our side.

SparkPlug on July 10, 2012 at 2:23 PM

Yea, sorry, the term you are looking for is Walletectomy, and it’s been around for quite a while now… ;p

SWalker on July 10, 2012 at 2:32 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

..his mom want him to clean up his room today. After he gets done washing his sheets and rubber bed pad, he should be around.

The War Planner on July 10, 2012 at 2:32 PM

….WHO THE HECK ARE THESE PEOPLE THAT ARE APPLAUDING…???
…cut taxes 18 times???…when…where…what?

One for each vacation. He gets “taxes” and “tips” confused.

Cicero43 on July 10, 2012 at 2:33 PM

1. $3,000 new tax per employee.
2. ????
3. Prosperity!!!

Cicero43 on July 10, 2012 at 2:04 PM

The underpants gnomes! I love those guys. Their math has been my guide through life.

One sec. Mom’s shouting something …

Axe on July 10, 2012 at 2:33 PM

Don’t worry – bayam will point us to some economists who know these small business owners are idiots.

gwelf on July 10, 2012 at 2:34 PM

As a small business owner I would like to know where the 18 tax cuts he gave me are.

I won’t hold my breath.

goflyers on July 10, 2012 at 2:28 PM

The IRS would like to inform you that having asked that question you are now scheduled full financial endoscopy…

SWalker on July 10, 2012 at 2:34 PM

As a small business owner I would like to know where the 18 tax cuts he gave me are.

I won’t hold my breath.

goflyers on July 10, 2012 at 2:28 PM

I take it you didn’t contribute to Obama’s election.

Ditkaca on July 10, 2012 at 2:36 PM

Here’s a crazy thought:
Would the economy have been turned around if Obamacare and it’s Obamataxes had been ruled unconstitutional?

Consider that research has shown that business have been holding back because of the implications of Obamacare – and if it had blown out of the way they may have started hiring again, and it would have helped revive the economy.

Now with all these new Obamataxes having been blessed by Pastor Roberts couldn’t be it argued that the opposite is taking effect?

Chip on July 10, 2012 at 2:36 PM

Hey I just made a neologism.

Walletoscopy. :)

Just trying to help our side.

SparkPlug on July 10, 2012 at 2:23 PM

Yea, sorry, the term you are looking for is Walletectomy, and it’s been around for quite a while now… ;p

SWalker on July 10, 2012 at 2:32 PM

Don’t let this jealous guy steal your thunder, SparkPlug. :) Those of us who can define the terms are frequently glarewised.

Axe on July 10, 2012 at 2:36 PM

It’s so cute when Obama brags about his idea of tax breaks for hiring…kind of like a 4-year old who thinks money is free for the asking at the bank. Trouble is, Obama’s not a child and his naïveté is downright dangerous.

Dee2008 on July 10, 2012 at 2:37 PM

damian1967 will be so disappointed.

Bmore on July 10, 2012 at 2:16 PM

damian thinks the government is better at spending money than he is so I’m sure he won’t mind.

gwelf on July 10, 2012 at 2:37 PM

“Leading from behind”

Schadenfreude on July 10, 2012 at 2:37 PM

CARNEY: Of course he is. That’s why he has passed small-business tax cuts and signed into law small-business tax cuts 17, or 18, or 19 times, that’s why he’s put forward a proposal that Republicans can join Democrats in supporting this very week that would extend another tax break to small businesses if they make new hires or expand the wages of their employees. He’s very concerned about that. You’re buying into the red herring argument that just isn’t true—because they can’t back it up—that somehow the top 2 percent of America’s earners are all a bunch of small businesses, when in fact the people who would be affected by this are—that would identify themselves as small businesses under that definition—are largely hedge-fund managers and lawfirm partners and others who file that way who tend to be doing much better than average, hard-working Americans.

Number one–we have NEVER seen “17,18,19 tax cuts”–how in the heck can he say this with a straight face.
Number two–I’m so incredibly weary of him vilifying those evil hedge fund managers, and I’m not one of them. We own a small business that is about as far from Broad and Wall as we can get!

I have never fully understood why it the Dems think financial success/growth is such a bad thing.

Do these people truly understand that $250k is not that much when one is a sub chapter S corp? When one has bills to pay? When one has kids in college? When one has a mortgage? When one is fighting for the very survival of one’s business in this climate?

I despise this administration to the very marrow of my bones.

herm2416 on July 10, 2012 at 2:39 PM

Speaking of Small Business……Hmmmmmmmmmmmmmmmmmmmmmmmm!!

Senate Democrats pushing tax cuts for business
Jul. 10 1:43 PM EDT
*******************
http://bigstory.ap.org/article/senate-democrats-pushing-tax-cuts-business

canopfor on July 10, 2012 at 2:40 PM

Q: Why does Obama hate small businesses?

A: Because Obama is a Democratic Socialist Communist who wants to eliminate small businesses and have the Government take over big businesses (a la GM, etc.)

With Marxism-Leninism guiding our actions, the Communist Party strives to build the broadest unity against global capitalist imperialism now headed by U.S. imperialism, for immediate gains and reforms that benefit working people, and for a progressive democratization of the government, the economy, and society of our country on the road to and after winning socialism.

- From the Program of the Communist Party USA
The Road to Socialism USA

ITguy on July 10, 2012 at 2:42 PM

Wealth redistribution is hard….

Thankfully the private sector is doing fine.

Tim_CA on July 10, 2012 at 2:04 PM

It’s too bad enough voters weren’t paying attention during the “Joe the Plumber” moment.

Nope, they were too busy fainting, anticipating “free stuff”, wringing the guilt out of their dirty white hands, or HOping to CHANGE and “make history”. Not to mention – notBUSH, notBUSH, notBUSH…….

ICanSeeNovFromMyHouse on July 10, 2012 at 2:44 PM

If we had the same employment rate now as we had during the 96 months of the George W. Bush Presidency (Employment-population ration average from Jan ’01 – Dec ’08 = 62.7%)…

10 million more people would have jobs!

ITguy on July 10, 2012 at 2:44 PM

Yepper sparkplug

cmsinaz on July 10, 2012 at 2:46 PM

Do these people truly understand that $250k is not that much when one is a sub chapter S corp? When one has bills to pay? When one has kids in college? When one has a mortgage? When one is fighting for the very survival of one’s business in this climate?

I despise this administration to the very marrow of my bones.

herm2416 on July 10, 2012 at 2:39 PM

Which is exactly why you see parasites like bayam bring up Paris Hilton ad nauseum. Class warfare 101. Paint the targets of taxes as unproductive and undeserving of their money. It should be bayam’s money, not hers.

It’s also why you see Pelosi and Schumer moving to the right of Obama- only wanting taxes to go up for people making more than $1 million. $200k for a single earner in a household with a mortgage and kids in high tax blue states like CA or NY is not rich by any stretch of the imagination.

Chuck Schick on July 10, 2012 at 2:49 PM

97% is a bold faced lie

It counts all business that never made a penny. So if you think of being a business you count.

Only figure that would matter is employees hired by business. Then 97% of those would be paying this tax.

Who cares how many business there are that babysit one child once and a while. Shoot you daughter is probably counted if she babysits once a year.

Steveangell on July 10, 2012 at 2:53 PM

No tax cuts. There have been options of tax credits; if you spend $10 you get a $.85 tax credit.

One business course at one of the IV colleges would have done the boy-king wonders.

jukin3 on July 10, 2012 at 2:55 PM

SWalker on July 10, 2012 at 2:32 PM

Darn. I’ve been foiled again. (:

SparkPlug on July 10, 2012 at 2:57 PM

SWalker on July 10, 2012 at 2:32 PM

Don’t let this jealous guy steal your thunder, SparkPlug. :) Those of us who can define the terms are frequently glarewised.

Axe on July 10, 2012 at 2:36 PM

Thanks Axe. I find SkyWalker’s lack of faith disturbing. (:

SparkPlug on July 10, 2012 at 3:01 PM

Damien the pretend owner of two businesses?

Of course he’s not here. He’s busy with his vast commercial empire, which he runs out of his huge modern industrial complex conveniently located only two blocks from the heart of downtown Legoland.

He can’t be bothered with you wingnuts.

PetecminMd on July 10, 2012 at 2:29 PM

That means two accounts on ebay, one for used women’s underwear and the other for knockoff beanie babies.

slickwillie2001 on July 10, 2012 at 3:03 PM

Anticipating your opponents future argument against your crappy ideas appears to be all that Team Obama has going for him. So, by his rationale; since he can correctly anticipate his opponents rebuttal against his crappy idea; then his crappy idea must be great. I must say, in all my life I have never met the likes of head cases running this country.

DDay on July 10, 2012 at 3:04 PM

The private sector is doing fine!

eyedoc on July 10, 2012 at 3:09 PM

Is there any chance that if Romney starts pulling ahead in the polls, businesses would start to be more optimistic and then it would be spun as confidence in Obama before the election?

Night Owl on July 10, 2012 at 3:11 PM

Folks, forget the polls for a moment that show a tight race… and think about it for a moment. Do you really think that all these economics disasters and very bad economic indicators are going to have a majority of voters re-elect Obama? My answer is NO… A majority of voters do not want four more years of this utter failure…

mnjg on July 10, 2012 at 3:15 PM

In other words, 97 percent of small businesses fall under the $250,000 threshold. (Applause.) So this isn’t about taxing job creators, this is about helping job creators.

How does it help job creators to confiscate more money from the most successful 3%? And how does this encourage any of them to take the risks necessary to become larger businesses and hire more people? And since many small businesses derive much of their income from other businesses, how does it help them when their customers are taxed more?

Apparently, this economic illiterate will tolerate small businesses as long as they stay as small as possible, otherwise they will be punished for not knowing their place. The larger your business gets, the more it will be taxed and regulated, so don’t get any funny ideas about over-pursuing happiness or anything.

RadClown on July 10, 2012 at 3:20 PM

The LIAR welfare queens agitator is fudging and playing with numbers as he always does… It really depends on the definition of a small business… Can you imagine that a small business owner with 10+ people working for him/her is not making over $ 250,000 a year? Who the hell is going to create a business of 10+ people and not make at least $ 250,000 a year… In fact my number is quiet conservative and I would say that it applies for business owners who hire as little as 5 people….

In other word the vast majority of people work for business owners who make at least $ 250,000 a year…

mnjg on July 10, 2012 at 3:21 PM

Small businesses said “weak sales” were their most pressing problem

There’s no evidence that taxes or regulation are preventing job growth. We’re clearly suffering from a shortfall of aggregate demand, the only solution to which is either more monetary or fiscal stimulus.

Admittedly, that still argues against letting the Bush tax cuts expire, but not all stimulus is created equal – do you really think that if a person making over $250,000 a year receives a $70,000 tax cut, that nearly as much of that money will go to boost sales for small businesses as if the same $70,000 was given in welfare payments to poor people instead?

You can still try to make a “fairness” argument about these tax issues, but don’t pretend like helping the rich get richer is what’s good for the economy.

twm378 on July 10, 2012 at 3:35 PM

The health care decision was probably not what most owners expected, so “disappointment” over that will be reflected in the July survey responses.

Yeah, big time. So much for growing your business and hiring that 51st worker.

Oh, and I wasn’t aware that Presidents are the one’s who raise and lower taxes. Here all this time I thought it was the purview of Congress.

GarandFan on July 10, 2012 at 3:36 PM

You can still try to make a “fairness” argument about these tax issues, but don’t pretend like helping the rich get richer is what’s good for the economy.

twm378 on July 10, 2012 at 3:35 PM

We aren’t the one’s trying to make a “fairness” argument, we leave that to you socialists.

Night Owl on July 10, 2012 at 3:40 PM

The People reelected FDR in a terrible but slowly improving economy in 1936, so if the People don’t reelect Obama, it will prove Americans are racist crackers.

- Leftwing Reasoning -

fadetogray on July 10, 2012 at 3:42 PM

There’s no evidence that taxes or regulation are preventing job growth.

That is so incredibly funny. Like a businessman is just as likely to hire when his taxes are going up and the regulations he has to work under are rising and unclear.

Good one, twm.

fadetogray on July 10, 2012 at 3:48 PM

There’s no evidence that taxes or regulation are preventing job growth. We’re clearly suffering from a shortfall of aggregate demand, the only solution to which is either more monetary or fiscal stimulus.

Admittedly, that still argues against letting the Bush tax cuts expire, but not all stimulus is created equal – do you really think that if a person making over $250,000 a year receives a $70,000 tax cut, that nearly as much of that money will go to boost sales for small businesses as if the same $70,000 was given in welfare payments to poor people instead?

You can still try to make a “fairness” argument about these tax issues, but don’t pretend like helping the rich get richer is what’s good for the economy.

twm378 on July 10, 2012 at 3:35 PM

Repeating this insanity again would destroy our economy even more…

mnjg on July 10, 2012 at 3:54 PM

There’s no evidence that taxes or regulation are preventing job growth. We’re clearly suffering from a shortfall of aggregate demand, the only solution to which is either more monetary or fiscal stimulus.

Admittedly, that still argues against letting the Bush tax cuts expire, but not all stimulus is created equal – do you really think that if a person making over $250,000 a year receives a $70,000 tax cut, that nearly as much of that money will go to boost sales for small businesses as if the same $70,000 was given in welfare payments to poor people instead?

You can still try to make a “fairness” argument about these tax issues, but don’t pretend like helping the rich get richer is what’s good for the economy.

twm378 on July 10, 2012 at 3:35 PM

Listen fool, it is the RICH who create jobs…and certainly a majority of people work for business owners who make more than $ 250,000 a year. You tax the job creators and you are going to get less jobs and this truer than ever in a bad economy. Why do think that your welfare queens agitator and the democrat Congress were forced to extend the Bush tax cuts in 2010 for everyone including those making over $ 250,000 a year? Because increasing the taxes on those making more $ 250,000, the job creators, would be an economic disaster. However being the socialist that he is Obama cannot but attack the job creators…

Regarding the Stimulus idiocy, have we learned anything from Obama stimulus in 2009? We spent $ 900 billions of money we do not have and we get very poor results? Where the hell are we going to get the money idiot? Repeating this insanity again would destroy our economy even more…

mnjg on July 10, 2012 at 3:55 PM

Actually yes, most economists will admit the return on welfare transfer schemes is negative, while allowing people earning a living to keep more of their money a plus. High earners also are more likely to invest and thus create even more economic activity, but I will take a cut for the rich and the middle class alike. Even the the “working poor” who might get to take more home each week is a plus – because they earned the money.

Welfare is a loser – it should be temporary and targeted. It is to help someone get back on their feet. But it costs the country.

Zomcon JEM on July 10, 2012 at 3:56 PM

Don’t worry – bayam will point us to some economists who know these small business owners are idiots.

gwelf on July 10, 2012 at 2:34 PM

I’m very stupid compared to you.

bayam on July 25, 2011 at 10:20 PM

Del Dolemonte on July 10, 2012 at 4:01 PM

There’s no evidence that taxes or regulation are preventing job growth.

twm378 on July 10, 2012 at 3:35 PM

Hey look, class, bayam’s great grandfather showed up!

If you’d actually run a small business, which you haven’t, you would know how stupid your sentence above is.

Since O’bama became pResident, my small business expenses have increased by 20% just to comply with several new added layers of Federal regulations that never existed before 2009. At the same time, I cannot substantially rise what I charge for my services.

Bah. The twm377 series was much funnier.

F-

Del Dolemonte on July 10, 2012 at 4:05 PM

more class warfare? desperate much?

burserker on July 10, 2012 at 4:08 PM

twm378 on July 10, 2012 at 3:35 PM

Yay!! Another tool spouting Krugman-esque talking points!

The minute anyone says “aggregate demand” it’s immediately obvious where you got your ideas from. Stop listening to Krugman and Reich. They’ve never been right about anything. Especially Krugman.

PetecminMd on July 10, 2012 at 4:25 PM

Apparently, Obama has no idea that most small business owners are registered as an LLC so they can’t take advantage of these piddily credits or tax breaks.
An LLC is treated by default as a pass-through entity, and an individual owner would report the LLC’s income or loss on Schedule C of his or her individual tax return.

USMCmom on July 10, 2012 at 4:35 PM

Where’s Damien1987 to refute this? He should be up by now.

kingsjester on July 10, 2012 at 2:06 PM

I thought it was 1967, no matter, he will certainly be disappointed either way. ; )

Bmore on July 10, 2012 at 2:17 PM
Damien1917 is more like it.

I wonder if he’ll be as deeply saddened as Tom Daschle.

Steve Eggleston on July 10, 2012 at 5:01 PM

Hiring impulse dropped sharply.

Gee.

Jaibones on July 10, 2012 at 5:14 PM

…it’s the ECONOMY stupid…!!!

KOOLAID2 on July 10, 2012 at 5:18 PM

…cut taxes 18 times???…when…where…what?

KOOLAID2 on July 10, 2012 at 2:16 PM

EXACTLY !!
Where can we find that info ??
I wanna know, but can’t think of where to start looking.

pambi on July 10, 2012 at 2:20 PM

Here is a list of 16 of Obama’s 18 “tax cuts”.
This was published in October 2010; I don’t know what he considers to be the two cuts that he claims for the 20 months since then.

AesopFan on July 10, 2012 at 5:33 PM

The idea that another stimulus is needed is, well, it’s just stupid.

Stimulus creates an artificial job in the short term (and it doesn’t even do that very well). When the money from the stimulus goes away, there is no market need for that job, and with no demand for the job, it will go away.

The only thing that a stimulus accomplishes (other than amassing crippling debt) is the illusion that the government did “something” to alleviate a problem it most likely caused in the first place.

Obama tried this, it was a massive failure, I guess expecting liberals to accept that is far too much to ask.

ShadowsPawn on July 10, 2012 at 5:39 PM

The private sector is doing just fine what we need is more gov’t jobs. and more and more and……..

Herb on July 10, 2012 at 5:45 PM

Tell every employee you have. “A vote for Obama is a vote to fire someone here.”

bob77 on July 10, 2012 at 5:53 PM

do you really think that if a person making over $250,000 a year receives a $70,000 tax cut, that nearly as much of that money will go to boost sales for small businesses as if the same $70,000 was given in welfare payments to poor people instead?

$70K given?? Where is that coming from, your Unicorn Money Tree Farm?
But welcome to the Troll Club regardless.

hillsoftx on July 10, 2012 at 6:29 PM

IF

the same $70,000 was given in welfare payments to poor people instead

some of it will be used for rent, utilities, car payments and other fixed expenses, but most of it will go to buy lottery tickets, non-nutritious fast food, bingo games, movies and dvd’s, and other consumer items.
(Our family spent several years in a lay ministry among a disadvantaged population; our poorest members also were the most wasteful, financially speaking, as they lived a life-style we had learned to avoid because we could not afford it).
These expenditures go away when the money does (or the spending gets sucked out of the funds needed for actual living expenses).
HOWEVER, the $70,000 KEPT by small businesses goes to keeping a company operating, thus keeping people employed (who spend the money they earn instead of money they are given), and also supporting their own suppliers (multiplier effect).

Giving away money in welfare payments that could have been used to grow a business is like a farmer eating his seed corn.

AesopFan on July 10, 2012 at 6:56 PM

Hit him with Libya please Ryan

Zaggs on October 11, 2012 at 9:59 PM