Dear 2020 Democrats: Small business is doing just fine right now
For many people, the economy is, at this very moment, stronger than it has been at any other point in their life. The unemployment rate is hovering near its lowest point in 50 years, showing that nearly everyone who wants a job already has one. Wages are up, and quarterly economic growth has proven strong.
In that context, it’s astonishing to see many Democratic presidential candidates attacking policies that led to our current success.
It almost seems like these candidates are ignoring basic reality. Sure, they’re vying for the party’s nomination, but that doesn’t mean they have to ignore President Trump’s incredible economic accomplishments.
I could hardly control my laughter during the debates when Senators Cory Booker and Elizabeth Warren both said that this economy is hurting small businesses. As a small business owner, I know free-market policies are working not just for me but for everyone.
America’s GDP has been growing in excess of an annual 3%, surpassing the expectations of many economists. Report after report from the Labor Department shows that joblessness claims are down, with the latest report revealing claims fell even more than expected. Overall, it’s a great time to start or work for a small business.
Hiring is up and wages are increasing. In fact, the fastest wage growth is being experienced not by the “top 1%,” but by the bottom 20% of wage-earners. That’s yet another fact disproving the left-wing narrative that the roaring economy is only benefiting those at the top.
As the moderators pointed out at the first Democratic debate, more than 70% the public, including a majority of Democrats, believe the economy is doing great.
A great deal of this revitalized economy is thanks to the sweeping tax cuts that President Trump signed into law in 2017. Because of that tax relief, my business was able to keep and reinvest more of the money it earned. Thanks to that extra financial support, I was able to hire more employees, raise my team’s pay and increase production. We even expanded our product line.
Similar stories can be seen playing out at small businesses across the country. And as a man who runs a cookie business, I know what I’m talking about when I say that Trump’s tax cuts are helping Americans rake in a lot of dough.
It’s not just tax cuts that are invigorating the American economy, either. Deregulation is playing a critical role as well. Excessive regulation has the most pronounced effect on small businesses, not bloated multinational organizations that bring in billions of dollars while paying zero taxes.
While larger companies can either dodge or absorb regulatory costs, small businesses tend to bear their full brunt — paying an average of $11,700 per year per employee in regulatory costs. And small businesses with less than 50 employees have to comply with regulatory costs that are 20 percent higher than what the average firm has to deal with.
It should be clear that such constricting red tape is not good for small business owners and employees. It even presents a major hurdle for people who want to become entrepreneurs.
When he took office, Trump promised to slash two regulations for every new one added. Not only has his administration met the goal, it has exceeded it. In 2018, four regulations were cut for every one created. This has provided much-needed breathing room to small business and the tens of millions of Americans who rely on the success of this critical sector in our economy.
Trump will go down in history as a president who helped the middle class and small business.
It couldn’t be clearer that we all, especially small business owners and their employees, are thriving under the current economy. While some contenders for the 2020 election may claim otherwise, I’m confident small business owners are doing just fine, thank you very much.