Getting Down to (Small) Business
However, there is a faint silver lining. Congressman Walt Minnick (D-Idaho) and Congressman Aaron Schock (R-Illinois) have partnered, and the way the left is wringing its hands over Minnick, they may be on to something. Both of these congressmen are businessmen. While they have different ideologies, they agree on what makes business thrive.
Schock and Minnick are proposing a six-month tax holiday that would apply to businesses with 50 or fewer employees. Small businesses are the most likely to be hiring right now if given the additional resources and the incentive to do so. That would mean about $120 per employee per pay period. That money would go to the employer and would be required to be reinvested into their business. However, employees would also receive a rebate on their portion of the payroll tax, thereby also putting money back in consumers' pockets. This is a win-win situation.
Many think there is no chance this initiative will pass. But this is the right answer and if coupled with pro-business initiatives it could make a difference. I am aware that Congress isn't pro-business right now, but with the continuing job losses, Blue Dog Democrats will soon have to partner with some Republicans in order to pass pro-jobs legislation.
Sitting presidents usually lose seats in the midterm elections and if the economy doesn't show some hint of progress, President Obama will lose part or all of his majority in Congress. The American people and the European leadership agree that more stimulus spending is not the answer. Only President Obama needs convincing. He doesn't have a small business frame of reference but he'd better get one soon. Small business will bring this economy back.