As my colleague Charlotte Hays pointed out yesterday morning, entrepreneurs are missing in action. It seems the White House somehow missed that rather relevant fact, as the Obama administration proudly proclaimed National Entrepreneur’s Day! Main item on the menu for this celebratory occasion: Government Waste.
The White House released a series of 5 blog posts describing government programs that supposedly support and encourage entrepreneurship. I am skeptical of the assertion that entrepreneurs need or want government support or encouragement in order to do what they either love, pursue for profit, or both. Any money that the government provides in the form of loans, subsidies, or in competitions ultimately comes from taxpayers, which include businesses and entrepreneurs. The latest Small Business Economic Trends Survey places taxes as the second highest concern of business owners.
The three top items on the survey’s list of businesses’ most important problems are: poor sales, taxes, and government regulations and red tape. Financing and interest rates are on the far bottom of the list of concerns. Businesses don’t need government-backed loans; they need government to get off their backs.
If the administration were serious about promoting entrepreneurship, it would propose to extend tax cuts indefinitely and reduce burdensome regulations, instead of touting all the government programs that supposedly help entrepreneurs, and speaking out in favor of more burdensome regulations on businesses (like President Obama is doing for the Paycheck Fairness Act that failed in the Senate this week).
Happy Entrepreneur’s Day?