When President Bush left office, the national debt was about $9.1 trillion. That figure just hit $16 trillion. Our federal government has borrowed and spent about $7 trillion and unemployment is stuck over 8 percent. So why won't the economy recover? Where are the jobs we were promised?
Small business has always been America's job creation engine. And today businesses large and small are sitting on some of the largest cash reserves ever. But unemployment is still over 8 percent. How can this be? The answer is simple: small (and large) business owners have no confidence in President Obama and his party. From the unknown costs of Obamacare to banking regulations that have choked off the necessary capital to expand small businesses, this president and his party have created an environment where robust job growth is unlikely.
At the DNC convention, Bill Clinton told us that no president could have turned this economy around in 4 years. As usual President Clinton is a little challenged by the facts. In 1980 Ronald Reagan inherited double-digit inflation, double-digit interest rates, double-digit unemployment, an energy crisis, and thousands of bank failures from President Carter's administration. Barack Obama inherited 3 percent inflation, the lowest interest rates in modern U.S. banking history, companies flush with cash, and yet the economy won't grow.
Want more jobs? Perhaps we should all vote for the guy small business owners are voting for.