Since I was 9 years old, I have had the dream of having my own business. For 48 years, I have chased that dream. Sometimes for the good and sometimes for the bad. I have been bankrupt with eviction notices for my family and I have made a decent living at other times. I have done it on the East Coast and in the Southwest, and with the help of the Web...all across the nation.
As I look back, it was never about the money. It was about taking an idea and working at it and seeing it grow into something good. I work hard for what I earn and I try to help my employees the best I can. I never want to retire, I want to work until there is no life left in me to go on. Based on my family history and the good Lord willing, I may be able to work another 35 years. I want to keep chasing the American dream, but I start to ask myself why. What will be the purpose?
Obama will kill the American dream for many. I work 70-80 hours per week on the average. I planned to turn my business over to my employees, but I am very concerned that there will not be a business left. I am trying to help my children start their business and hope to show my grandkids how to gain financial independence someday. I am beginning to wonder why? There will certainly be no incentive for me to encourage young people to take a dare and go for broke on a dream that may fail to even have a minimum chance of survival. Guys like me will always be able to earn a living one way or another, younger people will not have an incentive to chase that dream and may not be able to keep the money that is needed to build that dream.
When Obama's plan hits, here is what it will do in layman's terms. My profits will go down, my ability to profit share with my employees goes away and money that could be invested will no longer be available or will fall under a depreciation rate that does not allow me to purchase new equipment. I would have to purchase used equipment. As businesses fail, there will be plenty of that to purchase. That will affect the people trying to make a living selling new tools and trucks to my company. In order to try to keep the company going, we will raise the prices which will cause customers to pay more now than before. This will happen across the board.
Anyone that thinks they are going to gain financially under this scenario, will find that the commodities and goods they purchase will probably rise faster than the "Obama candy" can be distributed. I will stop using American products in my business and pick up product from China. The software programming that is currently done locally will end up going to a back office in India. I will not be able to keep my employees going as my sales will go down as my prices go up. I will end up letting my employees go and I will scale back so that I still make the same amount of money that I do now, but 80% of my employees will be looking for a job. Or, I may decide that it is just not worth it anymore. I would take my money, put it in some tax-free investment, go on Social Security and let my income drop down low enough so that I will get some of this re-distribution of wealth.
What is the incentive for me to work if Obama is going to give me someone else's money. I will have gone from someone affecting the economy positively by $6-7 million dollars per year to someone who is nothing more than a welfare recipient with negative pull on the government money. I won't even have to pay for my health care anymore, since Obama is going to give me that for free also. I won't have to worry about the thousands of dollars of income tax that I have to pay now....what a deal, what a deal! My employees will be looking for work, they will not have insurance and small companies like mine will not be starting-up very often.
When the Perfect Storm of Obama, Reid and Pelosi push their union agenda in and battle the right to work states, the large construction industry will die off and make the housing slump look mild. The unions will attempt to unionize every industry in America. If you want to see how well that has worked out for the nation, look at the airline, automotive and steel industries.Whatever happens with the trade agreements, everything that you think will be made at home again, will not. Just about everything that is electronic is made overseas. Clamping down on trade will not bring the jobs home. No one is going to make the capital investments necessary to build product in America when the climate is so anti-business and the distribution of wealth is in force. The products will still come from overseas, you will just pay more.
You can believe whatever you want to about Obama and what his plan will do to small business and how he claims it will not affect you. I put my 40 years of experience of being a small businessman and working day in and day out with other small businesses up against him and his economists lofty opinions of what his plan will do to me and those around me.....and I really think they don't have a clue.
Small business is not just a mom and pop store. A small business by definition can employ up to 1500 people and can have annual revenues of up to $35 million dollars. This economic plan can have disastrous results.
Income distribution is just another form of welfare. We have been trying for 40 years to stop being a welfare nation.....why does 50% of the country want to go back there....it didn't work the first time.
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