Remember last year when President Obama declared the summer of 2010 to be “Recovery Summer”? Let’s take a look at how we fare one year later.
Although Arkansas' unemployment rate remains below the national average of 9.1%, it is still 7.7% - too high to suit any Arkansan. With almost 106,000 people in Arkansas looking for work, we must do better. We already know that small businesses are reluctant to make major investments that will create new jobs because of the uncertainty of the economy. On top of that, they are overwhelmed by government bureaucrats and a myriad of needless and duplicate regulations which drive up the cost of business and take resources away from hiring new employees.
Any student of the economy knows that until the Obama Administration takes steps to restore confidence in our economy by fewer regulations, lower taxes and sound fiscal policies that focus on reducing spending and balancing the budget, our economy will be in trouble.
Restoring fiscal sanity will give employers the confidence they need to create jobs rather than prepare for the next economic downturn. The President's insistence on increasing tax rates on any American will only lead to further uncertainty and instability for small businesses.
We need to bring long-term deficits under control by cutting spending in a meaningful way. We need lower tax rates on businesses and individuals to spur investments by small business owners. It is time for the President to admit that his economic policies have failed and hit the restart button.