The economic experts are worried.
From the Managing Director of the International Monetary Fund, to the central bankers of China, the U.K. and France, to the specialists on Wall Street, some of the presumed “best and brightest” among us are expressing concerns over a global economic slowdown. And the fussing got a little louder after last Friday’s employment report here in the U.S.
These presumed geniuses, including the IMF’s Christine Lagarde, in particular, need to understand something. Their friend President Barack Obama has become nothing short of an enemy to one of the world’s greatest economic engines – American small businesses.
It’s insufficient to say that President Obama isn’t helping small businesses, or that the President isn’t “trying hard enough.” The Obama Administration is proactively attacking small businesses, as though they were domestic terrorist cells – while at the same time they seem genuinely surprised that “job creation” is so weak.
Small businesses and their respective advocacy groups have no idea how to cope with the mandates placed upon them by Obamacare, nor how vicious the President’s army of 50,000 new I.R.S. agents will be in auditing and penalizing them. And since 2010’s “banking reform” laws came to pass, banking and lending institutions have been in a state of shell-shock trying to figure out how to continue doing what they do – lending – without getting penalized for allegedly violating the all-important reforms.
What isn’t so widely known, however, is the increased frequency with which individual businesses are being confronted and threatened by governmental agencies other than the I.R.S. For example, U.S. Congressman David Schweikert (R-Arizona) tells a horrifying story about a small business owner and his government- and it’s a story that helps explain why the economy isn’t growing.
While visiting a local coffee house in his hometown of Scottdale, Schweikert is confronted by another patron who asks “can you please help me?” Turns out this other patron is the owner of Zoe Inidustries, Inc., a small, local company that designs and sells custom plumbing fittings and supplies (see their website at ShowerBuddy.Com).
As Congressman Schweikert sits down to listen to the man’s story, the sickening details emerge. This small, private business has been employing people in Scottsdale since 2000, and has earned itself an “A+” rating from the Better Business Bureau, but is now being told that it must pay $447,000 to President Obama’s Department of Energy.
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.