It is highly doubtful that anyone ever informed Mr. Obama that his recent small business bill will never work. First, the principal reason that a loan bank for small businesses is even necessary is because the federal government has soaked up almost all available funds to feed the massive $1.3 trillion deficit. Second, the economic uncertainty – directly caused by the Administration’s senseless obsession with raising taxes and imposing crippling new costs on American companies – has made small businesses hesitant to seek loans at all. To many entrepreneurs, the issue is no longer how to grow the company – it’s how to sell it! Finally, businessmen know that these artificially-low interest rates won’t last, and they realize that if they commit to adjustable-rate loans, they will eventually get whacked with unaffordable interest costs.Trust me on this: Nobody – not Geithner, not Summers, nor Tony Rezko ever explained any of this to Obama, who has never been involved in business during his lifetime. He hasn’t taken the time to read the Wall Street Journal daily for the past thirty years, so he has no focus. He hasn’t relied on Forbes or Business Week to help understand the business perspective. He has put forward no effort at all to understand that “the business of America is business,” and so he has no idea how to create and promote policies that encourage businesses to risk, prosper, and grow.
There is little hope that Mr. Obama will ever establish a positive business environment. He will continue to attempt to pick winners and losers, micromanage economic policy, and speak only of the harm that big business does to America. Mr. Obama does not seem to understand that every big business started as a small business, and does not recognize nor appreciate the commitment and hard work necessary to become that big business.
This is his basic problem. He will forever be a wall slowing down the natural entrepreneurial instincts of the American people. The only question that remains is whether Americans will run him over doing what they do best – business.