The current political leadership is of greater concern to U.S. business owners than the country’s economic growth, the European debt crisis or unemployment, according to a recent investor survey conducted by Millionaire Corner.
U.S. small business owners “are the anchors of our Main Streets,” President Barack Obama proclaimed upon signing the Small Business Jobs Act in September 2010. “They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world.”
But that promise, they feel, is being undermined by the increasingly partisan climate amongst political leaders in Washington, D.C. Federal Reserve Chairman Ben Bernanke, in testimony two weeks ago before theJoint Economic Committee, cited last summer’s debt limit debate as a contributory factor in creating an uncertain business climate. “Unfortunately the brinksmanship of the summer and at least perception in the minds of some investors that the United States might actively consider defaulting on its debt, and moreover, the possibility that this might be recurring periodically, I think was a negative for the financial markets,” he said. “It was the reason that the downgrade occurred, that the S&P cited the political process more than the amount of debt outstanding. It's no way to run a railroad, if I may say so.”
Last week, the Republican-controlled Senate rejected President Obama’s $447 billion jobs plan. The president has launched a three-day tour to promote his plan and urge Congress to vote on specific provisions of the proposal.
Nearly 30 percent of business owners surveyed by Millionaire Corner said that the political leadership is their leading current concern, followed by U.S. economic growth (22.9 percent). Nearly 19 percent are worried about stock market conditions, while 14.6 are closely watching stock market conditions.
Of the investors we surveyed, business owners were the least optimistic that the president and Congress could get together on a workable jobs plan. Nearly 80 percent believe that is not going to happen.