Earlier this spring, Barack Obama accused the business sector of refusing to start “placing their bets on in America” rather than the uncertainty caused by runaway government interventions and the regulatory adventurism of the Obama administration. The House Committee on Small Business decided to look into it for themselves, holding hearings with testimony from small-business leaders about what obstacles they face. In this new video from the committee, the testimony shows that expanded government regulation has interfered with credit acquisition necessary for business expansion, forcing small business owners into public-sector loans with lots of red tape and strings attached — among other problems:
The problem isn’t that investors of all classes don’t want to “bet on America.” It’s that the Obama administration, with its expansion of regulations and increasingly arbitrary enforcement of same, has made the American economy a bad bet. Thanks to aggressive regulation, whimsical waivers, and demand for higher taxes on the investor class, anyone thinking about spending capital on business expansion in the US instead is inclined to wrap their arms around their capital instead. If investors thought they could make money by investing in this environment, they’d already be doing so.
We’re two years post-recovery and unemployment is still at 9.1%, and our GDP is at 1.8%. Instead of blaming those holding the capital, Obama should start looking in the mirror.