As free enterprise is snuffed out by regulations, rules, taxes and Obamacare an increasing number of Americans are finding that the millions of jobs once created by small businesses are no longer available.
Small businesses create two-thirds of all new jobs and as they continue to die so do the opportunities for Americans to find employment.
Under Obama’s economic leadership the demise of small businesses are caused by his stranglehold on
- Debt and Deficits
- Health Care
as he weakens free enterprise and ties the hands of job creators.
The Job Creation Network published an article that recently appeared in the Raleigh News and Observer by Robert Luddy. "How Obamacare Smothers Business" is illustrated by the example of Forever 21 as management informed employees that many will be cut to 29.5 hours a week because anyone who works at least 30 hours a week will be considered full-time. Otherwise it will cost the company
- Penalty costs of $392,00
- Health Insurance costs of $1 million
As small business owners increasingly fear retribution by the Obama administration and its attack dog, the IRS, it is easier for them to close their doors or downsize than try to expand and hire more job seekers. It is no wonder that recent college graduates have an unemployment rate of 25% and those looking for jobs are having to compete with young people without college degrees and the elderly who are being forced to supplement their incomes.
Because of the Obama’s economic leadership the real unemployment rate in August 2013 was 13.7% with more than 21.5 million people unemployed and underemployed. It is expected to climb even higher as more small businesses are forced to cut working hours of employees as the Obamacare forces them to cut costs.
The share of American adults with jobs has remained the same for the last three years at 58.6 percent. As more small businesses cut back hours the result are that full-time jobs will become part-time jobs as this number is expected to decrease. No one really knows how many people have become so discouraged that they have stopped looking for work.
When Obama was running for office he promised an employment rate of 5% but as a result of his economic policies that are destroying small business it is almost triple that in 2013.
Is it time to admit that under Obama's stewardship an economic disaster has fallen upon Americans as the backbone of employment, small businesses, are being crushed?