January 24 2012
SOTU Live Blog: Let's Support Entrepreneurs and Start-Ups!
Laurene Powell Jobs, the wife of the late Steve Jobs, is present at tonight's SOTU address. She was featured on camera as the President talked about how important innovations are to our economy.
It's undeniable that the entrepreneurial spirit and innovative ideas are vital to the American way. But I can't help but laugh when Obama talks about helping entrepreneurs and start-up businesses. He's the President that put together ObamaCare!
ObamaCare is a huge burden for small businesses. Compliance with the law poses an extra hurdle for small firms, who already spend more time, money, and energy on administrative costs. This health care law boondoggle is a huge discouragement to people who are currently working for someone else, but who've thought about working for themselves by striking out and starting their own business. These people could have very valuable ideas for new products or services, but under ObamaCare (and our oppressively complex tax code), entrepreneurs can quickly be discouraged from taking the often worth-while risks of starting a new business.
Even the "Small Business Tax Credit" in ObamaCare is an anti-growth trap that very few small businesses will even qualify for. You can read more about that here.