The latest National Federation for Independent Businesses survey shows small business optimism dropped again in May, another sign economic activity is not picking up. As the survey shows, 75 percent of small businessmen and women did not hire in May. Yet the President continues to ignore the fact that the uncertainty created by his economic policies is making it harder for small businesses to expand and hire. Just yesterday, the President flatly denied that ObamaCare is hurting small business growth – despite being confronted with an example of a small business forced to relocate because of his health care law. Rather than pretending reality doesn’t exist, House Republicans will act this summer to fully repeal ObamaCare and remove red tape so that small businesses can grow and create jobs.
Today In History: On June 12, 1987, President Ronald Reagan challenged Soviet Leader Mikhail Gorbachev with the now an iconic phrase “tear down this wall.” Addressing a group of West Berliners, the speech was seen at the time as both an appeal to reenter nuclear negotiations with the United States and a demand for action on Gorbachev’s talk of a new relationship with the West.
Birthdays: George H.W. Bush, Congressman Mark Amodei, Anne Frank, Tim DeKay, Hideki Matsui
Here are the Top 5 things you need to know today…
1. State Of Play: A Presidency of Excuses. There is another great Obama excuse: Republicans in Congress. Again, a little history is in order. The Bush tax cuts of 2001 passed the Senate 58-33 in an evenly split chamber. Bill Clinton managed to do business with a GOP that controlled both houses of Congress for six of his eight years in office. Ronald Reagan passed all of his economic agenda through a House that was under constant Democratic control. Somehow it is only Barack Obama—whose party, in an inconvenient truth for his campaign, still runs the Senate—who seems incapable of working with any Congress not under full partisan control. (And even then he had trouble.) Americans expect their presidents to be able to assemble coalitions of the politically willing in order to achieve pragmatic and relatively popular results. The Obama administration method, by contrast, has been to shove what it can down the public throat, then act surprised when the public gags, or throws up…As president, Mr. Obama has attempted to make scapegoats of bankers, bondholders, private-equity firms, insurance companies, energy companies, ATMs, the Chamber of Commerce, the Catholic Church, opponents of illegal immigration, European politicians, Supreme Court justices and even Japanese tsunamis. Wall Street Journal
2. Small Biz: NFIB Survey Shows Small Business Owners in ‘Holding Pattern.’ If there is one thing for certain among small business owners, it’s that the amount of uncertainty they are facing has made it difficult for them to make decisions on spending and jobs. That’s evident in the results of the National Federation of Independent Business’ latest Small Business Optimism Index, released Tuesday. While the Index fell by 0.1 points, leaving it basically unchanged from April, the various components tell a tale of business owners unsure of many economic factors which would prompt them to invest in inventory and hiring. “There is so much that is not known,” said William Dunkelberg, chief economist for the NFIB and keeper of the organization’s Small Business Optimism Index. “For those who responded that it was a bad time to expand their business, one in four said it was because of the political situation — not knowing who would win the election. And that we won’t know until November.” CNBC
3. Pro-Growth Solutions: Cantor Says Helping Small Business Is Key To Boosting Growth. When it comes to commerce and the nation’s economy, House Majority Leader Eric Cantor of Virginia says helping small business owners is the way to increase both. Congressman Cantor and House Speaker John Boehner believe creating opportunities for the unemployed and those tired of working for bigger companies to create their own small businesses, could do the same thing without raising taxes on the rest of us. “The debate in Washington has been much about fixing the problem which is a spending problem in Washington. It’s not a revenue problem,” said Cantor. “If you’re asking people to pay more taxes, and you don’t fix the spending problem, you’re digging the hole deeper. We don’t want to do that and we really can come together and fix these problems.” CBS 6
4. Red Tape Watch: President Denies ObamaCare And Red Tape Are Strangling Small Business.Confronted with the story of a small business that moved out of state specifically due to the health care law, President Obama indicated that he didn't believe that's actually what happened. "That'd be kind of hard to explain," an incredulous Obama told KTIV of Sioux City, Iowa. "The only folks that have been impacted in terms of the health care bill are insurance companies who are required to make sure that they're providing preventive care or they're not dropping your insurance coverage when you get sick," he said. "And so, this particular company probably wouldn't have been impacted by that." Obama then hinted that either the reporter or the business owner who said Obamacare had forced him to move out of state were confused about his record. "I know that there's a perception sometimes that there's all kinds of regulations coming out of Washington," Obama said. "The truth is we've seen fewer regulations coming out of my administration than the previous administration." The president allowed that "it's tough running a small business, no matter what." Washington Examiner
5. Obamanomics: Private Sector Continues To Struggle Under President’s Failed Policies. Under the weight of Obamacare, the spiraling national debt, the $46 billion in annual costs of the new regulations imposed by Obama, and the looming threat of “taxmageddon” — when, come January 2013, the private economy will get hit with hundreds of billions in higher taxes. The result? In the first quarter of this year, private-sector GDP grew by a meager 2.6 percent. That is certainly better than the pathetic 1.2 percent growth rate last year, but compared to previous recoveries, it is anemic. When Ronald Reagan ran for reelection in 1984, private-sector GDP grew by 6.5 percent — 2 1 / 2 times the current rate. That’s why Reagan was able to declare “It’s Morning in America again” while Obama can’t. Obama and Reid may think 2.6 percent private-sector GDP growth is “just fine,” but the 23 million Americans who are unemployed, underemployed or have quit looking for work don’t share their complacency. Unless Obama wants to put them all in government jobs (which he might), the only way to help these Americans find work is to reduce barriers for job creators in the private sector. The election will likely hinge on who Americans better trust to do that. Washington Post
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The Bed That Makes Itself
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