The nation recently marked 'Small Business Week,' but the regulatory assault from the Biden administration has hardly been a cause for celebration.
The nation recently marked "Small Business Week," which has historically been a time to honor our nation’s entrepreneurs. Yet the regulatory assault from the Biden administration has hardly been a cause for celebration. Having survived COVID-19, inflation, rising costs of energy, and widespread labor shortages, employers are facing increasing headwinds from their own federal government.
The administration is barely bothering to hide the political motivation. Bharat Ramamurti, former deputy National Economic Council director, admitted that, "junk fees, out of 180 things they polled, was in the top three most popular actions." Second, the Federal Trade Commission issued a blanket rule banning non-compete agreements.
Finally, Biden has promised to let the Trump-era tax cuts, due to sunset at the end of next year, expire. In other words, he will raise taxes on almost everyone, not just the "wealthy and biggest corporations." According to the Tax Foundation, the 2017 Tax Cuts and Jobs Act cut taxes across the board, including those at the bottom half of the tax bracket.
The political numbers aren’t much better for Biden. A poll from CNN found 70% of Americans believe economic conditions are poor. The president’s approval ratings for the economy and inflation are underwater. Biden trails Trump by the largest margin of the race at the national level. Good policy leads to good politics. It’s a lesson the Biden administration would be wise to heed.
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