Small businesses are the heart-beat of this economy, representing 99.7% of all companies in America, employing half of all private sector employees and accounting for over half of the private sector economy. Americans do not owe our prosperity to the government; we owe it to the men and women who work to achieve their dreams.
The economic recession hit small businesses across America. President Obama had more than two years to turn the crisis into an opportunity that would secure long-term prosperity with meaningful regulatory and tax reform. Unfortunately, the President’s policies have not lead to an economic recovery. The government bailed out banks and automakers with hundreds of billions of dollars with Troubled Asset Relief Program, more commonly known as TARP. Meanwhile, private businesses are going bankrupt waiting for loans. The failed stimulus only stimulated our debt and the unemployment rate. A recovery will not come from the government; it will come from the men and women who create opportunity and the millions of people they employ.
A significant way to help our small businesses is to repeal the job-killing health care law passed in 2010. This health care law burdens small businesses with increased costs that force them to eliminate health care choices or eliminate employees. If the healthcare law worked as advertised, you have to ask yourself why there were over 733 exemptions given to friends and supporters of the current administration.
I was an original cosponsor of the Small Business Paperwork Mandate Elimination Act, which eliminates the health care law’s mandate that would force businesses to file 1099 forms for every expense over $600. This important bill passed the House and Senate and was sent to President Obama who signed it into law on April 14, 2011. This shows that we can move America in the right direction if we are willing to fight hard enough.