Good Morning –
With a recent survey showing small business owners lack confidence in the nation’s economic recovery, we need to be doing everything we can to help entrepreneurs and small business owners take risks, access capital, get off the ground and create jobs. One entrepreneurship expert, ahead of National Small Business Week, urges a focus on “the smallest of the smallest companies,” the ones that “keep four people off unemployment lines and gives four people pride in earning a living.” House Republicans have moved the dial to spur small business growth with the passage of the JOBS Act, and the Small Business Tax Cut Act. We must continue to work together and do more to help grow the small businesses that are vital to the economic recovery.
Today In History: In 1860, Abraham Lincoln, a one-time U.S. representative from Illinois, is nominated for the U.S. presidency by the Republican National Convention meeting in Chicago, Illinois. Hannibal Hamlin of Maine was nominated for the vice presidency.
Birthdays: Senator Tom Udall, Jack Johnson, Tina Fey, Frank Capra, George Strait, Reggie Jackson, Josh Lederman
Here are the Top 5 things you need to know today…
1. State Of Play: President Obama’s Anti-Business Policies Have Failed To Get The Economy Going. At a New York fundraiser Monday night, Obama called the free market "the greatest wealth generator ever devised by man." Those are fine words for a campaign stop among the moneyed set. But those words aren't backed by the actions of a president who only months ago claimed the free market "has never worked."...During Obama's 40 months in the White House, he has undermined capitalism and impugned business as a matter of routine. The former community organizer had just entered office when, in the summer of 2009, the federal government gave General Motors $49.5 billion in aid, including a $6.7 billion loan, to finance its bankruptcy. The result: Washington, not private shareholders, took roughly 61% ownership of GM…Other decisions that define Obama's contempt for capitalism and business include: Trying to put private insurers out of business and taking over one-seventh of the economy through ObamaCare. Seizing, in effect, the bank industry and nationalizing the student loan program. Blocking the Keystone XL pipeline. Delaying approval of the South Korea, Colombia and Panama trade deals; The sharp spike in costly regulations. His hope of hiking the tax burdens on oil companies by stripping them of the same tax breaks available to all industries. Investor’s Business Daily
2. Small Biz: Smallest Of Businesses Can Have A Huge Impact. More than 27 million people are working for the smallest companies…We need more support for these small companies. They should have better access to capital. It shouldn't be harder to get a bank loan if you need $15,000 than if you need $15 million. After all, large corporations have about the same death rate as small companies. So during Small Business Week and every week let's salute the tiny companies, the low growth/no growth companies, the one-person company that will never have two, the four-person company that keeps four people off unemployment lines and gives four people pride in earning a living. Let's praise some of the bravest entrepreneurs. USA Today
3. Pro-Growth: Fostering Entrepreneurship And Small Business Growth Is Key To The Economic Turnaround. The U.S. doesn’t need a new economic engine. It already has one: entrepreneurship. It’s just that we aren’t getting the mileage out of it that we could. Small businesses are instrumental to the U.S. economy. They employ 50 percent of all private-sector workers and create more than 60 percent of new jobs. The proof is present; entrepreneurs and small-business owners can revive the economy but they need more than just capital…Fostering and investing in small businesses and high- potential entrepreneurs would give the U.S. a much better chance of a turnaround. Bloomberg View
4. Energy Focus: Chairman Hasting Pushes Back Against Obama Administration Coal Regulations That Could Cost Thousands of Jobs, Harm American Energy Production. House Natural Resources Committee Chairman Doc Hastings (R-Wash.) will again blast the Obama administration Friday over planned regulations aimed at curbing environmental damage from Appalachian coal mining. Hastings is briefing reporters Friday afternoon on his investigation into the regulations, which haven’t been proposed yet. Hastings and committee Republicans have spent a year probing the Interior Department’s plans to rework coal-mining rules issued at the end of the George W. Bush administration. The Hill
5. Keeping Tabs: Chairman Hensarling: If We Lose Our Ability To Fail In America, We May Lose Our Ability To Succeed. As a society, we should want financial firms to take risks. In the not too distant past, one of the large investment banks took a risk on Apple when it was floundering. Now Apple is the most valuable company in the world and its products have revolutionized our lives and economy. Without financial risk, we risk losing out on innovation. Under TBTF, we also risk encouraging irresponsibility. After all, if financial firms were allowed to fail without the benefit of a taxpayer-funded safety net, perhaps J.P. Morgan would have been more careful. When we reflect upon J.P. Morgan's loss, we should remember this: Bailouts beget bailouts, and if we lose our ability to fail in America, then we may one day lose our ability to succeed. That is what this debate really should be about. The Washington Times
Off The Beaten Path:
Use Caution: It’s National Bike To Work Day
Remembering Donna Summers
This Toddler Really Wants To Hug All The Goats At The Petting Zoo
#MayIs4Troops: The #WorldWarIIMemorial was dedicated in Washington, D.C., in 2004. Each day, we lose more than 1,000 #WWII #vets.