A new survey of small business owners to be released later on Monday by the U.S. Chamber of Commerce showed that 64 percent of them do not plan to do any hiring in the next year, while another 12 percent of them planned to cut jobs, The Wall Street Journal reported.
Only 19 percent of the 1,409 executives surveyed said they would be hiring. The survey was conducted from June 27-30, a period of time covered by the latest employment report from the government, which showed the economy created a meager 18,000 jobs in June.
More than half of the executives surveyed by Harris International for the Chamber cited uncertainty over the economy for their reluctance to hire. Seven percent blamed lack of credit and about a third said it was because of a lack of sales. The survey defined small businesses as those with annual revenue of $25 million or less, the newspaper said.
That “more than half” in the last graph is a strong statement on the Obama economy. That uncertainty reflects the debt debate, but also reflects the fallout from Obama’s signature policy, ObamaCare, which added to the burdens of every hire a business has to contemplate.
All of which is to say that, for the first time since becoming Treasury Secretary, Tim Geithner is right: Americans will face hard times for a long time to come.