Everybody but Obama and his crew, of course. Here are the proof:
Aug. 19 (Bloomberg) -- President Barack Obama said the jump in unemployment claims shows the urgent need for congressional action on legislation to cut taxes and ease credit for small businesses.Here is this month's Small Business Economic Trends published by the National Federation of Independent Business (NFIB)
“Small businesses and community banks that loan to small businesses have been lagging behind,” Obama said at the White House before he and his family leave for a holiday on Martha’s Vineyard in Massachusetts. “If we want this economy to create more jobs more quickly, we need to help them.”
His remarks today, which lasted just under 4 minutes, repeated points he made during the trip, including criticizing opponents for acting out of political interests.
“There will be plenty of time between now and November to play politics,” Obama said. “Let’s put aside the partisanship for a while and work together.”
The legislation Obama is promoting would ease the terms for loans guaranteed by the Small Business Administration and provide $12 billion in tax breaks to small businesses. It would also provide $30 billion to banks with less than $10 billion in assets to encourage lending to small businesses.
The U.S. economy faces hurricane force headwinds and the government is at the center of the storm, making an economic recovery very difficult. While political leaders trumpet their ideological attempts to remake the economy and save “small business”, more and more ordinary folks are wondering what in the world are they are thinking. Either policymakers have no idea how to help the economy or they are intentionally committing it to unsustainable expenditure growth and deficits so large that there will be no alternative but to raise taxes, a slow suicide for a dynamic economy.And here is a quote from the Credit Market's section:
Fear is growing that the “lame duck” session is not so lame and could produce legislation that permanently paralyzes the economy. Cities, states and even sovereign countries are teetering on the brink of bankruptcy while government workers and favored union workers reap benefits and wages far better than their private sector counterparts. With an unemployment rate of nearly 10 percent, the President travels the country touting the health care bill that few like, selling wealth redistribution and the need for more taxes. What should ordinary citizens and small businesses owners expect from all this? A growing and more dynamic economy? Not likely.
In six months, the so-called “Bush Tax Cuts” expire which will trigger one of the largest tax increases in history. The worst financial fiascos including Fannie, Freddie, AIG, GM and others, have not yet been addressed exposing taxpayers to hundreds of billions in losses. Instead, Congress is trying to tax successful businesses. Taxing “success” is a terrible path to growth and real investment. And adding to the misery and pessimism, massive government deficits threaten future capital availability for the private sector.
Paul Krugman in his N.Y. Times op-ed July 9 said, “If we want stronger business spending, we need to give businesses a reason to spend. And to do that, the government needs to start doing more, not less, to promote overall economic activity.” Krugman’s view seems to be shared by Washington, looks like he as well as Congress still don’t get it.
Overall, 90 percent of the owners reported all their credit needs met (or they did not want to borrow). Six percent of the owners reported “finance” as their top business problem (up three points).So, let me phrase all this in one short sentence, since it seems like our leaders are leading the economy into the abyss: Obama, Bernanke, and Congress: please get out of the way or better, if you really want to help the economy, please hand over your resignations.
Update: I just found this other report from Bloomberg that I had saved down. Same lame policies, same people, same results...
Obama’s $300 Billion Small-Business Loan Plan Faces Senate Test
July 28 (Bloomberg) -- President Barack Obama visited a New Jersey sandwich shop to bolster support for his plan to create $300 billion of small-business loans and more jobs as the Senate neared a vote on the package.What's obvious is that you should get out of the way. Even better: resign.
“When you listen to the struggles that small business owners are still facing, it is obvious we need to do more,” Obama said today at the Tastee Sub Shop in Edison, where he met with business owners.
[...]Yes, since Geithner and crew were so visionary and clairvoyant about the whole thing, it's now the time for them to interfere even more with the healing economy and destroy the little hope that remains...
“There’s nothing more important to our economic expansion now than getting small businesses and entrepreneurs in a position where they are investing and hiring,” Gene Sperling, counselor to Treasury Secretary Timothy Geithner, told reporters on a conference call yesterday.