The frustration that has disincentivized entrepreneurs is finally fading away. Citing statistics gathered by the National Federation of Independent Business, Bloomberg reports, "Optimism among America's small businesses soared in December by the most since 1980 as expectations about the economy's prospects improved dramatically in the aftermath of the presidential election." NFIB president Juanita Duggan believes that "[s]mall business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments."
That's what eight years of socialist economic policies will do. It would be premature to assume job creation will experience eye-popping gains under Donald Trump. But what we can surmise with a high degree of certainty is that it can't be any worse than the last eight years. Creating a company is risky in any environment, but over the last few decades entrepreneurs were accustomed to having a decent shot at starting and growing a competitive business. That changed under Barack Obama — not only has starting a business been next to impossible, but industries as a whole have suffered. What's needed is less regulation. That's a principle career politicians like Bernie Sanders fundamentally don't understand.
For example, this week the Socialist senator was challenged by a small business owner who explained, "We keep getting kicked in the teeth by this administration. It's regulation after regulation and tax after tax." He then asked, "Why is this administration so against the business owner?" According to Sanders, "I don't think this administration, the Obama administration you're referring to, is so against the business."
He then launched into a diatribe against wealthy businessmen and corporations, whose supposedly lenient tax rates are really what stifle economic growth, along with a defense of onerous regulations on things like air and water that have nothing to do with the actual business of most companies. The small business owner put it best when he shot back, "You haven't lived until you've put a payroll on your credit card. This is the reality of the backbone of this country." Let's hope the optimism of Trump's presidency ushers in an era of new risk-takers who understand this distinction and learn from it.