Home | News & Opinion | Middle market execs: Think the Presidential election doesn’t have consequences? Think again.

Middle market execs: Think the Presidential election doesn’t have consequences? Think again.

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Choose wisely.

The race for the Presidency has now been inaugurated.  Senator Ted Cruz (R-TX) won the Iowa caucuses last night, with The Donald barely squeaking by Senator Marco Rubio (R-FL) for second place. 

Thank goodness.

Sure, it’s only the beginning, and Iowa primary voters don’t have the most sterling record when it comes to picking the eventual President…just ask President Huckabee and President Santorum.  But the bloody nose Donald Trump received is welcome news indeed.  Particularly given the fact that the Democrat side features a battle between an avowed socialist and the epitome of a crony capitalist (which is being generous, to say the least).

Leaving aside issues like national security, immigration, the constitution of the Supreme Court for the next decade, social issues, etc., it really is rather frightening to ponder the impact the next President could have on our economy, and in particular middle market businesses.  This is especially true given the impact our current President has had.  Hint: it’s not pretty.

From the conservative think-tank Heritage Foundation:

As documented by the [2016 Index of Economic Freedom], and by other scholars, America’s economic freedom has been declining at an alarming pace.

Indeed, as The Wall Street Journal recently summed it up succinctly, Obama is “a champion when it comes to limiting economic freedom, and American workers have the slow growth in jobs and wages to prove it.”

Not surprisingly, our economic dynamism and innovative capacity have been measurably reduced.

Self-inflicted wounds include:

·  The U.S. has the highest corporate tax rate in the developed world. This has driven new jobs to other, more competitive nations and has meant fewer jobs and lower wages for Americans.

·  The overall annual cost of meeting regulatory requirements has increased by over $80 billion since 2009, with more than 180 new regulations in place. In terms of ease of starting a new business, analyzed by a recently published World Bank report, the U.S. is ranked shockingly low at 49th, trailing countries such as Canada, Georgia, Ireland, Lithuania, and Malaysia.

No wonder the labor force participation rate has remained at near record lows after more than five years of steady decline.

 

Worse, vibrant entrepreneurial growth has been stymied by greater policy uncertainty and mounting debt. And a disturbing trend toward cronyism has gravely eroded the rule of law and distorted our free-market system. 

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Angus DuBois
Angus DuBois
Contributor
Angus DuBois is the nom de plume of an entrepreneur of 20 years who, in cowardly fashion, prefers to keep his/her business identity a secret. Comments can be forwarded to angus@nexxuspublishing.com.

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