March 17, 2009

Business Will 'Lay Low' During Obama Years

According to a recent survey, 63 percent of those asked, said they thought President Obama was doing a good job. Another survey found that 24 percent of those asked, thought the U.S. government had its own money.

After discounting the 63 percent by that 24 percent, I get 39 percent of rationale, thinking Americans who are convinced President Obama is doing a good job.

I’ll try to explain to the 39 percent what Obama economics means to some of us that comprise the 37 percent who are concerned for the well-being of our nation.

I, my spouse and my son founded a small high-tech business in 1992. My wife and I invested all the financial assets we had acquired over three decades of work, and our son worked for room and board for the first few years after college to start our company.

Three times over the intervening years, we teetered on the edge of bankruptcy. But after more sleepless nights than I care to remember, our business is thriving.

As a result of our sacrifices and perseverance, we purchase hundreds of thousands of dollars in parts and supplies every year, we hire others to work with us, we replaced our old high-mileage car with a new one, we hired a craftsman to remodel our 40-year-old home that was neglected while we built our business, we donate more to the church we attend and to various charities, and we pay lots of taxes.

So what will we do under Obamanomics?

With impending significant increases in our tax liability, and probable declining business opportunities, we will severely cut back on all non-essential spending. No more buying parts for new product designs, no more stocking extra parts to shorten delivery times, and no new hiring.

We will ride out the next few years while praying that some people come forward to lead that other political party back to the values that have made America the greatest country on the planet.

We will be fine, because we prioritized paying off our business and personal debt. However, it saddens me that fewer people will benefit from our success because we will not risk what we have worked so hard for while the Obama administration displays such an anti-capitalism bias.

Under Obamanomics, investing in growing our business is simply too risky.

Rex A. Hoover