We are hearing a lot about the economy and what works and what doesn't.
Why all of this talk about small business?
What is a small business?
Here is the Small Business Administration's definition. You might be surprised to find that you actually work for a small business; Generally 100 to 1500 employees, $2.5 million to $15 million in revenues.
Here are some facts from the Small Business Administration (SBA):
- Represent 99.7 percent of all employers.
- Employ half of all private sector employs.
- Pay 44% of total U.S. private payroll.
- Generated 65 percent of net new jobs in the past 17 years.
- Hire 43 Percent of high tech workers.
These businesses power the economy.
In the Bush era, trickle-down economics failed principally due to unbridled greed in the financial sector, a failure of the Bush administration to properly regulate banks and Wall Street and to heed the warning signs that the economy was approaching a tipping point.
In the Obama administration, trickle up economics have failed to revive the economy principally due to poor execution and an over emphasis on socioeconomic welfare, i.e., the Obama Health Care Plan.
Continuing to borrow money to inject into the lower level of the economy has not worked. Stimulus money misapplied and mismanaged and weak economic policies have created an anemic growth rate that cannot sustain the national debt or the economy for much longer.
President Obama wants to stay the course, continue to develop stimulus packages, grow the government and expand the welfare state. All requiring a bigger government, more debt and more taxes.
There is no Obama plan to scale back government and reduce the national debt.
Obama wants small business to grow but with little help, less money, less opportunity and less reward for more risk.
Romney has not embraced the Bush approach, he has not fully embraced the Regan approach. He is proposing a new way to look at our economy.
The Romney economic plan would refine regulation, reduce taxes, spending and government programs and get the rising national debt under control.
Romney would develop economic stability, move more resources and decision making power to the states, increase domestic energy production, and yes hold steady or reduce taxes on the top earners and savers to encourage investment, business growth and expansion especially in the area of small business.
If you want to work, have a career and an opportunity for success you must vote in this election.
If you own or work for a small business you should be extra sure to vote in this election. It is your future most at risk.
Forget political parties, forget how mom and dad vote, you should look carefully at both candidates and make a decision that is in your best interest.
The choice is very clear.
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