As a student here at Bloomsburg University visiting the shops downtown is a common thing. Whether you are on Main Street, grabbing a slice at Franks late on a Friday night, or getting your eyebrows waxed at Hair to Toe on East Street. Each of these businesses is among the array of small businesses struggling through this tough economy.
A presidential election year upon us. Barack Obama is campaigning for re-election and Mitt Romney is campaigning to win it all. Each candidate has his own opinion on small businesses, but only one is going to work to save them and watch it prosper.
Obama took office in 2008 when small business lending was low. He helped jumpstart business growth and new hiring and he signed the Small Business Jobs Act which guaranteed loans and reduced fees. According to Obama’s campaign website, Obama believes small businesses should be able to compete with big business.
Obama wants to make it easier for small business to raise money and to grow; Inc.com pointed out that Obama has two ideas for small businesses. The first one will make it easier for small businesses to make money but it is not promising, it’s all about tax cuts.
The second idea is a “framework” but it isn’t something that is going to happen immediately. It would make it easier for entrepreneurs to actually sell shares instead of kick starters, which are tee-shirts, ad space and discounts.
Entrepreneurs also got some help from Obama he proposed doubling the deductible for startup costs to $10,000 from $5,000. This gave promising high-growth entrepreneurs the money and support they need to grow their businesses and hire new workers.
Hiring new workers, growing new businesses and helping entrepreneurs get their feet off the ground. Many still wonder why businesses are failing and companies are closing. The Columbia Mall located several miles past campus is a prime example of how these small business needs are working.
“It’s really depressing,” states BU sophomore Taylor Davis,“It’s really a shame that the mall has to look like that.” Inside the Columbia mall you will find a JCpenny, a Victoria’s Secret, and several other small shops. There are more shops closed then open in the mall, and there is not one place to get a drink or a bite to eat in the food court, these downing’s came into effect, a little before Obama was elected to office.
JCPenney and Sears, which were originally located in downtown Bloomsburg. After closing their downtown stores, both re-located into the Columbia mall. “Nobody’s there, it’s deserted,” claims BU sophomore Rebecca Williams, when asked what she thinks about the Columbia mall.
According to Wave Accounting, Mitt Romney, Paul Ryan and the Republican party are the preferred ticket for most U.S. small business owners. 51 percent indicated that they would “definitely” or “probably” vote Republican on Nov 6.
Mitt Romney is the only candidate running for president who worked in the private sector. Romney has a lot of experience in business and government. He has used skills to succeed and wants to be a champion on small business, according to Mitt Romney’s campaign website.
Romney plans on reducing taxes on job creating through individual and corporate tax reform, stop the increases in regulation that are tanging job creators in red tape, protect workers and businesses from strong-arm union tactics, and replace Obamacare with real health care reform that controls costs and improves care.
“ If you have a business friendly person in the white house who is going to make a road map that’s very clear as to how business should act and react to get out of this economy or to move the economy forward, it lets people plan. It lets people make plans as to how to proceed,” stated West Virginia delegate Betty Ireland.
Both candidates have much interest in changing the economy and the small business world. Obama and Romney have several ideas to change the way the startup fee’s and tax cuts for entrepreneurs. Each has laid out tactics and frameworks to shape the economy and either help it grow or plummet it into the ground. Nov. 6, is a day that we as American citizens vote or our president and vote for changes for small businesses, whether it they will be good, or bad.