Small businesses speak out about “fiscal cliff”

November 28, 2012 at 12:02 pm 2 comments

As we get closer to the end of the year, we will be hearing more and more about the impending ‘fiscal cliff’– when the Bush-era tax cuts for the wealthy will expire, and when ‘sequestration,’ or across the board spending cuts, will kick in on January 1, 2013. A few days ago, we had posted our OpEd from Sunday’s Greensboro News & Record about the fiscal cliff and small businesses. A few weeks ago, we highlighted local business owners who had also spoken out in support of letting the tax cuts expire.

More small businesses are joining the discussion. Samia Bahsoun, a small business owner from New Jersey, contributed a column to, making the case, as we did, that what small businesses need are people who can afford to spend their money on buying what they need and want locally:

When people have more money in their pockets, they shop locally, eat out, get their nails done, buy kids clothes or shoes, buy extra presents for the holiday season, etc. When small businesses thrive, the community as a whole thrives and unemployment goes down. We all win.

She also discusses the importance of programs that provide vital services to families– such as Medicare and Social Security.

These programs are also a foundation of our middle class and of a healthy customer base for small businesses. Every dollar taken out of the pockets of our seniors is a dollar they can’t spend in their local economies and local small businesses. Congress needs to put meaningful revenue options on the table so we can strengthen these programs, not cut them.

President Obama has also turned his attention to small businesses during this debate, particularly after receiving some criticism that small businesses had been excluded providing their input. Yesterday he sat with small  business owners from across the country– four of whom had signed on to a letter by Businesses for Shared Prosperity encouraging the elimination of the tax cuts. As the letter states:

As businesses owners, none of us hire more employees simply because someone gives us a tax cut. We hire more employees when our customers demand more of what we have to sell. When a teacher, firefighter or construction worker building public infrastructure loses his or her job, many of us also lose a customer.

Locally, small business owners will be gathering on Saturday (December 1) for a press event on ending the tax cuts for the wealthiest Americans. it will be at 11am at Entrinsik, Inc in Raleigh (7501 Creedmoor Road, Suite 102). And on Sunday, Allan Freyer from the Budget and Tax Center will be on WRAL-FM (101.5) explaining more about the fiscal cliff and solutions for addressing the federal deficit that increase revenue and avoid the potentially devastating spending cuts.

It’s encouraging that more voices are contributing to the dialogue about important federal programs and policies that not only impact small businesses, but communities as a whole. Small  businesses do not operate in isolation– they are an integral part of their communities, and what impacts their neighbors impacts them too.  Families and small businesses across the nation can not afford another recession. We need to find solutions that encourage economic growth and shared prosperity for the long term.



Entry filed under: Economic Development, Economy, Jobs & Employment, Small Business. Tags: , , , , , .

Infographic on income inequality in NC Organizations help families avoid foreclosure



TSC Twitter

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 36 other followers

%d bloggers like this: