Business Owners across the country were much more optimistic about the economy when they thought Mitt Romney, who is pro-business, had a chance to win the 2012 presidential election.
In May 2012, the Wisconsin Manufacturers and Commerce found that 62 percent of Wisconsin business owners were planning to increase their workforce, and only two percent were planning to decrease their number of employees.
What a difference an election can make.
The presidential election is over, Barack Obama was reelected, and the Wisconsin Manufacturers and Commerce has released their results of the November survey.
The differences are astounding.
(PDF of the 2013 Economic Outlook will be embedded below the post)
June's 62 percent that were planning to increase their workforce is now down to 24 percent, a whopping 38 percent decrease. The two percent that were planning to decrease their workforce is now up to 20 percent, an 18 percent increase.
Some 55 percent say they are having trouble hiring, and 67 percent said they cannot find qualified applicants.
Only 18 percent see moderate growth for the national economy and 42 percent predict a decline.
Obama's policies, the economy, regulation, healthcare and taxes, are among the concerns and the reasons cited for the change.
Other WMC Economic Outlook Survey 2013 Highlights:
• TOP POLICY PROBLEM – Thirty percent said the economic slowdown is the top policy concern for Wisconsin, and 23 percent said taxes were their top concern.
• HOW TO HELP BUSINESS – When asked what’s the one thing that state government could do to help your business, CEOs said curb regulations and cut taxes. Twenty-two percent said curb regulation, and 16 percent said curb taxes.
• IMPROVING THE BUSINESS CLIMATE – CEOs said a wide range of improvements are needed to improve the state’s business climate. Twenty-two percent said the state should be more pro-business in general, 20 percent said cut taxes, and 17 percent said curb regulations.
• BUSINESS GROWTH – Only 4 percent said they expect good growth at their companies in the next 6 months, and 37 percent predict moderate growth. Sixteen percent predict decline.
With a slew of new regulations set to hit in 2013 and thousands upon thousands more in the pipeline and Obama and Democrats insistence of hiking takes on business owners who filed their taxes individually, the economic outlook is guaranteed to get worse over the next four years.
[Update] Using Obama's regulatory policies and the projected effects it is going to have on Wisconsin, as one example of what is about to sweep across the country, one can begin to see the upcoming disaster:
Via Wisconsin Manufacturers and Commerce:
“The regulations coming out of Washington continue to dampen growth and job creation in Wisconsin,” said WMC President/CEO Kurt Bauer. “Businesses are struggling to gain momentum because of uncertainty from the fiscal cliff and federal health care policy. The EPA’s costly new regulations are making matters worse by hitting manufacturers with billions of dollars in higher costs and job-killing energy price hikes.”The EPA’s Utility MACT, Boiler MACT and Coal Combustion Residuals regulations will have a significant impact on Wisconsin:
- Annual compliance costs: $427.1 million
- Annual manufacturing sector compliance costs: $224.8 million
- Total upfront capital expenditures to comply: $2.8 billion
- Total manufacturing sector upfront capital expenditures: $1.4 billion“This study clearly illustrates the layer upon layer of regulations that are weighing down manufacturers’ ability to help lead our country’s economic recovery,” said NAM President and CEO Jay Timmons. “If we don’t return to a more sensible regulatory process, then manufacturers in Wisconsin will face even higher energy prices, skyrocketing compliance costs, less investment opportunities and significantly fewer jobs. A devastating ripple effect will be felt throughout our entire economy, causing some manufacturers to close their doors for good.”
America's death spiral is just beginning.
2013 Economic Outlook