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84 Percent of Small Businesses Say U.S. Economy is on Wrong Track
According to the Chamber of Commerce's Small Business Outlook survey, 55 percent of small-business owners say economic uncertainty is preventing them from hiring new employees.
Posted 7/ 11 11 at 6:00 PM | News, Management, Taxes & Accounting
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The U.S. Chamber of Commerce released its quarterly Small Business Outlook Survey on Monday with some pretty grim results. The survey of more than 1,400 small-business owners revealed that an overwhelming 84 percent believed the U.S. economy is on the wrong track.Nearly 50 percent of the small-business owners cited economic uncertainty as their greatest challenge, while the U.S. debt and deficit and health-care reform were close behind, at 47 percent and 39 percent, respectively.
Forty-six percent of respondents said their uncertainty for the future is driven by the federal debt and deficit.
As far as the economy, 79 percent of respondents just want Washington to "get out of the way" and 85 percent said they'd rather Washington provide more certainty than more assistance.
Fifty-five percent of respondents cited economic uncertainty as the greatest or second greatest issue that will stop them from hiring new employees, while 34 percent said a lack of sales would stall hiring efforts.
As unemployment hit 9.2 percent in June, the small-business jobs outlook doesn't seem to improve much over the next year, with 64 percent saying they will keep the same number of employees. One bright spot: Only 12 percent plan on cutting staff, down from 29 percent last year.
With just 20 percent of respondents optimistic that American's best days are ahead, small-business owners will continue to operate cautiously, with 62 percent more fearful of what Washington will do next than what they've already done.
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Comments (Page 1 of 3)
If you are over 40 and have multiple degrees, you are garbage in this economy. If you have children, you are garbage to US employers. These people are not reacting to uncertainty. US businesses, large and small have turned on the US citizen in order to hire illegal aliens for the 30% off the top near slave labor discount and continually outsourcing jobs for the same reason. There is not a skills shortage or a lack of suitable candidates. US business doesn't want to hire American, but they sure do want access to bail outs funded by the American taxpayer when they screw up. If American companies have shredded the social contract, then it is time to destroy it completely. Rescind all tax cuts, all subsidies, all deferments, all Federal largess and start outlawing the Double Dutch and Irish Sandwich as well as all job destroying FTAs. YOU are not an American company if you are based in Mexico, paying Mexicans pennies a day to produce American goods.
Enough is enough.
I own a small business and I was not polled. Anti-business action by the little-o administration is worsening our economic problem. You cannot tax your way to prosperity. Why would I create more jobs knowing that I will be punished by higher taxes, contribution into a socialized heath care program and villified by a pot calling the kettle black. Grandpa said he became wealthy because he was lucky. He added, "The harder I worked, the wealthier I became." Contrary to progressive belief, obama is not smart and has the intellect of a dirt clod. His ideas and actions are hell-bent on destruction of our way of life. Our problems are orchestrated and fertilized by the organic decomposition that spews from his mouth. If he were removed from office our economy would begin to rebound immediately. Look above the puppet and see his puppeteers.
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Companies are either outsourcing or hiring people to work at home at entry and professional levels to cut costs. The website BestTopJobs has a FREE list of work at home jobs offered by real employers.
Economic uncertainity comes from where? Tax increases? Higher oil prices?? High copper prices? Too low alumninium prices? Nuclear disasters? Shortage of skilled workers? Too big government? Blames go around . I blame high oil prices the most but most people dont. so goes the economic uncertainity!!
I dont't trust the US Chamber of commerce as far as I can spit. The are the bigest proponents and sponsers of outsourcing jobs to China and other countries in America. They even have a department that helpds US companies to find countries them to outsouce. Out of the 500,000 small businesses in America they cherry picked 1200 Obama hating Co. to do their bidding.
How many ways can it be said before you and people like yu will accept the truth. Big business can use outsorcing and move their businesses off shore. Small business, the engine of America's job creation, can not. They are local. Your trust in Obama and the Democrats is misplaced. Why would I even consider hiring one more person when I know it would increase my costs by more than the increase in income generated? Dems want to tax msall business while allowing Obama supporters like GE get away with a 30,000 person reduction in force while paying NO income tax.
They failed to accept Unions killed us. Remember driving thru the Carolines...Towels bedspreads, etc. jeans were produced in there. Use to buy excellent buys from these mills. But the Union fu-
kd. The government enthus these companies both democrats and reps to make everything overseas. I lost a lot of money in Haiti and the Dominican Republic...I dont feel sorry for them.
The words you are using are NOT the words of businessmen in this country. We all KNOW who is in the way of jobs. It is solely the doing of the Republican Party. They want to keep the tax cuts to the wealthy which will cost this country nearly 700 BILLION dollars, plus interest, on our national debt. That money would solve the current debt ceiling problem completely and the stock market problems and jobs problems would not exist. The Republicans don't have the seft confidence to believe they could ever get elected without their wealthy backers, so they will fight to the bitter end to preserve those tax cuts and tax deductions for their friends, even if it means the end of this country.
what tax cuts are you talking about? President cut taxes from 39.9 to 32.9 over six years ago, so what we pay now is not a tax cut, it is the tax code. The dems. say tax cut, well that was several years ago. Now we pay the tax code after the tax cut under george bush six years ago. So enough about tax cuts. Now then If you ar talking about future tax cuts then I understand, and also believe we need them. The small business people are doing just fine, and making a living with fewer people, because of the expense of hiring more people, so please give a tax cut, and you will see jobs.
You can look at history and see that tax cuts for big business does NOT create jobs. Trickle down economics does not work and it never has! Why,because companies do not hire because they made too much profit. They hire to keep up with or increase production. So what does work is trickle up economics. When the poor and middle class have more money to spend they spend it and that causes production to increase which gives need for businesses to hire more employees to keep up with the increased demand creating a robust economy. Instead of giving tax cuts to the top 1% what the government should be doing is investing in the infrastructure of the country which creates blue collar jobs which will lower unemployment and stimulate production in other areas as well because like I said when the poor and middle class have money they spend it.
When will Washington understand that economics is chiefly a behaviorial activity. Uncertainty is the norm from the Government; both parties. This promotes excess caution and paralysis on the part of both consumers and busness (which obviously need each other). I have lost most of my confidence in the ability of congress, president and even the supreme court.
Since consumer spending is 70% of the US economy, and consumers can’t buy anything made in the US, it is no wonder small businesses can’t be optimistic.
Making products SOLD in the US subject to the same constraints as products MADE in the US is the only sure way to job creation for all domestic businesses in the United States.
There is no amount of technology that can overcome $14.00 a day wages in effect for many offshore products sold in the US. Add to the unrestricted low wages, the absence of Worker Comp, Social Security and Medicare payments, Environmental restrictions and OSHA regulations, there is no way the US can generate jobs. Almost anything used in the US can be made cheaper in offshore developing countries due to lack of the same rules that inflate production costs of US producers.
There is no amount of tax reduction for US manufacturers that will make up for the above advantages of offshore products.
Many of our fiscal problems, aside from runaway entitlements, are due to the lack of domestic manufacturing with the taxes and the economic stimulus that payrolls provide.
We must level the playing field if the US is ever to create a significant number of jobs again. Many Lawmakers and Economist say that tariffs on offshore production are counterproductive. Yet these same people put tariffs on domestic US production in the form of the above mentioned constraints. They certainly are right that such tariffs are counterproductive to domestic US Production. In fact, such tariffs have just about ruined the US Economy.
If there are some US citizens that think it would be foolish to pay more for the products that can be made cheaper by offshore producers, take a look at the loss of home values and 401Ks. Add these amounts to the cheap imports you think were bargain prices.
If developing countries were subject to just the US Federal Minimum wage, it would cause the creation of a middle class in such countries. In many ways, making products SOLD in the US live by the same rules as products made in the US is a win-win situation.
Good comments above and mostly exactly true and correct. I will add one thing, though. Products can be made far less expensively in less developed countries mostly because of their low standard of living, only somewhat due to the lack of regulations, a situation that exists only in young economies. These regulations prove themselves necessary eventually as an economy matures and grows. As the workers raise their standard of living with the growing economy, inflation occurs and production becomes more and more expensive. Then eventually the jobs move to the next dirt poor country that starts the process over again. This is the new reality in our newly inter connected world. We cannot stop this easily. It is the new paradigm shift we must live with. America needs to create the next paradigm shift and retain production as we scale up that technology to the mass market. All things environmentally less damaging, sustainable things, and things that increase convenience provide this opportunity and we must lead the world like we used to in innovation. Education is fundamental to this. And sadly, again, Republicans are dead wrong on this as well. So not only did they destroy the greatest economy we've ever had after Bill Clinton's 8 years, complete with 3 consecutive budget surplusses, they are doing all they can to eliminate any government role in expediting and assisting our cumulative growth toward the next technologies that can preserve our world dominance we all grew up with.
The only way to shelter US jobs is to make the poor countries pay a similar minium wage and abide by environmental constraints. You are correct this is one playing field. I submit that the environment must be protected whereever products are made.
There is no technology that cannot be brought to bear in poorer countries. This is because International companies have the best technology and use it in production facilities in the third world.
Such companies are in the thrid world because they can make more money and avoid production constraints in the US.
Democrats under Clinton started the ball rolling on FTAs. In the mid 90's the US has a trade deficit of 35 billion. Starting with Clinton and going forward to today, the deficit is over 600 billion. China's share is running at the rate of over 300 billion this year.
Hope you all enjoyed wanting and buying your cheap products over the years now your paying for it with no jobs.
Some of you think that taxing business is the answer. Keep in mind that any US business wether small or large is happy to just have the doors open. With offshore competitive prices for goods, we the small business owners cannot even compete, little less stay in business. So, by taxing business more, this will not change our economic downfall. It will only help small business make the decision to cash out and shut our doors.
Think about this, as a business owner struggling to keep afloat, do you really think that I will be hiring in this economy. The Republican party is helping us produce US products in the US with our manufacturing and labor. I am a proud American and I would never think of purchasing foreign product to sell in the US however, it is easy to purchase product from Asia. And even with tariffs, it's still cheaper than US product.
Is it 84% or 55%, make up your mind!
Most small businesses cannot hire, if anything, they are cutting back - NO BUSINESS!
Claude DeMoss
San Jose, CA