The Week Just Past: Uncertainty Sidelines Small Businesses

Statement

By:  Rodney Frelinghuysen
Date: Sept. 28, 2012
Location: Unknown

"Even though I hear these sentiments every week as I make my way around our Congressional District, the poll numbers released this week still took me aback.

"According to a survey commissioned by the National Association of Manufacturers (NAM) and the National Federation of Independent Business (NFIB), 67 percent of small business owners and manufacturers say there is "way too much uncertainty in the market today to expand, grow or hire new workers.'

"That's an absolutely staggering number! We count on these businesses to provide the vast majority of new jobs in a healthy economy -- anywhere from 60 to 80 percent. But with two-thirds of small business owners and manufacturers on the sidelines, it's no wonder that millions of American jobs have disappeared.

"Clearly, the solution has to be found in a new tax policy that encourages economic growth and makes us competitive in the global economy. We also have to encourage new trade policies that open overseas markets to New Jersey products and services.

"But there's more to be done.

"69 percent of those surveyed believe the Obama Administration's regulatory policies have hurt American small businesses and manufacturers.

"Instead of smoothing the way, our government continues to erect more barriers to growth through burdensome regulations that increase costs for small businesses and all Americans.

"I think most small businessmen and women would agree that sensible regulations make for a strong economy. But what I hear from businesses I visit is "get the government off our backs." And "Stop with the overbearing, ridiculous rules and regulations."

"For example, to date, the new health care law has resulted in the Internal Revenue Service (IRS) and Treasury issuing thousands of pages of new rules and regulations, including 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings, and 14 Treasury decisions. Is it any wonder that another recent survey found that over 70 percent of small businesses cite the health care law as a major obstacle to job creation?

"It's a sad commentary that 55 percent of small business owners and manufacturers say they would not have started their businesses in today's economy."