The good news is that the pessimistic years of a flatline American economy are probably over for a substantial number of years. So far, President Trump has eliminated well over 800 of the rights and economy inhibiting regulations that President Obama wrote into law. I believe that President Obama purposely used burdening regulations to stymie our ability to open and run small businesses. He was not interested in seeing Americans, particularly minorities, prosper in the private sector. His mission was to create a pessimistic atmosphere, where black Americans in particular would ignorantly blame American capitalism for their less than sterling lot in life.
I thank God almighty that many Americans refused to accept Obama’s downtrodden vision for our republic, and despite ongoing scandals, both real and imagined, the economy is revving up. Along with fewer regulations and lower taxes, one of the biggest stimulators of the economy is the growth in the number of small businesses. One of the most prominent avenues small businesses have are small business loans. I can honestly say that for small business owners, happy days are here again. After eight years of going nowhere fast, the Small Business Administration is taking off big time in favor of Americans who dream of owning a successful business.
Thanks to new Small Business Administration administrator Linda McMahon, there are over $30 billion dollars available to small business through its lending program. In fact, there is now much greater funding for loans to veterans, women, and emerging communities. Minority lending has dramatically increased. Now, more and more entrepreneurs are stepping out to take the risk of starting a business.American veterans who want to open a business can now partake of the boots-to-business program. It not only provides loans for our military heroes but assistance if needed in transitioning from military life to the dream of becoming a civilian business owner. One of the most stable aspects of American life is our middle class. It has been a huge balancing force between the wealthy and those on the lower economic rungs who seek to climb up the ladder of success. The beauty of the American middle class was that at one time it represented the highest standard of living for the greatest number of average citizens in the world.
Because of a relatively free society and economy, companies were founded and grew into the largest manufacturers in the world. Through both tremendous growth and other developments, eventually Americans could get well paying jobs and afford to buy a home and even pay for their children’s college education. For many years the American standard of living continued to improve. But unfortunately, those who did not agree with a free market economy concept gained a major foothold in government, education, and even the American church world. They were able to convince many from all walks of life that since everyone was not for example making $15 dollars per hour then society was evil. In other words, the capitalist haters promoted equal results as being better than equal opportunity.
The middle class and general American concept of equal opportunity meant a greater chance of success for most people, as opposed to government forcing a non-market based wage. Ask those workers at Seattle restaurants who lost their jobs due to their workplaces being forced to pay $15 dollars an hour, how are they doing? When you add America’s highest corporate tax in the industrialized world to the mix, therein lies a major blow to the American middle class. That tax alone has been a major inhibitor to new major corporate investment in America. In fact, 50 United States corporations moved their headquarters to places like Ireland, Toronto, Ontario, and elsewhere and took countless American middle class jobs with them.
The restoration of the American middle class is not as complicated as some would have you to believe. Already, one can see the potential of a revived American economy. The gross domestic product having been above three percent is a good first start. The improvement of international trade deals that will enable American manufacturers to sell their goods abroad as easily as other nations can sell their products in America is another avenue to help restore the middle class to a higher standard of living. Government entitlement spending must by all means be reduced, and a private sector method based upon economic growth must be developed for retirement and pension payments. That’s just for starters, more in an upcoming column.
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