With news today that the national unemployment rate has increased to 8.2 percent, the conversations ignited yesterday at Congressman Tim Scott's (R-SC) Revitalizing America Conference regarding the importance of supporting entrepreneurs and small businesses were emphasized even more. As the true drivers of our economy, small business owners and entrepreneurs, continue to have to fight through the President's failed policies of overtaxation, overregulation, and oversized government, Revitalizing America provided the blueprint for moving forward.
As Steve Forbes said yesterday at the conference, overregulation "turn[s] you, entrepreneurs, into government bureaucrats, vassals of the government, who don't like risk." Carly Fiorina emphasized that "a bureaucracy, no matter how well intentioned, simply cannot keep up with the pace of innovation." And Phil Ufkes, COO of UEC Electronics in Hanahan, South Carolina, told the story of how the oversized and over-intrusive federal government has left their company, one of the fastest growing small businesses in the nation, at a crossroads in determining whether they can afford to continue expanding.
"The increase in the unemployment rate is really no surprise, as underemployment has been higher for months while labor force participation has decreased," Congressman Scott said. "We cannot settle for the failed policies of the past three years; instead, we must revitalize our economy by encouraging entrepreneurs and small business owners to innovate. As was emphasized time and time again by job creators yesterday, this comes from increasing access to capital, overhauling our tax code and providing some real certainty for the future. Businesses must plan decades at a time, and without certainty, there won't be much in the way of job creation."
Scott and Majority Leader Eric Cantor (R-VA) also joined Greta Van Sustern last night on FOX News to discuss Revitalizing America and our nation's future. To watch the full clip, click here. Highlights included:
Cantor: "What I see as the goal is to try and come together and get something done for the people at home who are frustrated because they don't see a better economy coming back. And the best way to do that is work to create that environment where entrepreneurs will be willing to go take a risk again."
Scott: "From an entrepreneur's perspective, you have to realize that lower taxes give more revenue to the government, and give more revenue to the economy So if we're looking for an economy that's on fire we're looking to put small business owners back in charge. As a business owner, if I knew my taxes were coming down and it was going to be permanent, what I would do is invest in more capital equipment and hire more employees long story short is lower taxes mean more revenues."
Scott on tax repatriation: "Today what we see happening is trillions in revenue sitting on the sidelines. Corporations are too afraid because there is no certainty in the market. So what do they do? Nothing. They don't buy anything, and they don't hire anyone. The challenge with this economy is there is so little certainty that most businesses and entrepreneurs like myself - they don't invest in this market."