Why are so many Americans pessimistic about the present trajectory and path of this country? Because so many small-businessmen are of a similar mind.
As Wall Street Journal writer Gary Fields reported last week, the very sector historically responsible for 60 percent of job creation has adopted a wait-and-see attitude. Not only have small businesses, by and large, frozen hiring, but they’ve also, in some instances, cut benefits and delayed expansion plans.
A recent survey conducted by the National Federation of Independent Business showed that more small businessmen are planning to contract their enterprises rather than expand. In addition, 16 percent of these entrepreneurs envision either reducing their work forces or not filling vacancies. And only 7 percent said they planned to hire new employees.
W. Michael Brown, owner of two auto-parts stores in Northern Virginia, wants to double his number of outlets, but rather than adding 40 new employees, he told Mr. Fields, he will hire but 15 new employees and reduce the number of workers at each store.
“There’s so much trepidation out there,” Mr. Brown said. “The thing I’m struggling with is how the potential government takeover of health care coupled with impending taxes will impact my company.”
These are American voices, anxious and uncertain. And they have every right to be.