This is the best economy for small business in 50 years: NFIB CEO


AND NOT ALLOWING THEM TO COMPETE. DAVID: JOINING US IS JUANITA DUGGAN, PRESIDENT OF THE NFIB WHICH ADVOCATES FOR SMALL BUSINESS. THANK YOU FOR COMING IN. DEMOCRATS SLAMMING SMALL BUSINESS OR SAYING THAT SMALL BUSINESS IS ESSENTIALLY GETTING SCLAM SLAMMED BY THIS ECONOMY WHEN ONLY THE 1%, PEOPLE WITH A LOT OF STOCK, ARE BENEFITING. WHAT’S YOUR RESPONSE TO THAT?>>THAT’S SIMPLY NOT TRUE. THANK YOU FOR HAVING ME. THE NFIB HAS BEEN DOING THE SMALL BUSINESS ECONOMIC TRENDS REPORT FOR 45 YEARS, AND THE DATA IS IN. THIS IS THE BEST ECONOMY FOR SMALL BUSINESSES IN 50 YEARS. IT’S BEEN SETTING RECORDS FOR THE LAST TWO AND A HALF YEARS. FOR THE FIRST TIME IN A VERY LONG TIME, SMALL BUSINESSES ACTUALLY ARE BENEFITING FROM THIS RECOVERY. THEY HAVE BEEN SETTING RECORDS FOR CAPITAL EXPENDITURES, FOR PROFITS, FOR RAISING WAGES FOR THEIR WORKERS. I MEAN, IT JUST DOESN’T GET ANY BETTER. I DON’T KNOW WHAT DATA THEY’RE LOOKING AT. DAVID: WE GOT TO FOCUS ON THE PERSONALLY OWNED SMALL BUSINESSES, PEOPLE WHO DON’T REALLY MAKE A LOT OF MONEY BECAUSE THEY CONTINUE TO POUR ALL OF THEIR PROFITS BACK INTO GROWING THEIR BUSINESS. THESE ARE NOT RICH FAT CATS. THESE ARE PRETTY MUCH MIDDLE CLASS PEOPLE LIVING MIDDLE CLASS LIVES BUT HAVE THE AMERICAN DREAM OF HAVING THEIR OWN COMPANY.>>THAT’S EXACTLY RIGHT. YOU ARE DESCRIBING THE NFIB MEMBER. THE AVERAGE NFIB MEMBER HAS FEWER THAN FIVE EMPLOYEES AND ABOUT $75,000 IN TAXABLE INCOME. SO THIS IS THE HALF OF THE ECONOMY THAT IS NOT REFLECTED IN THE MARKETS. IT’S HALF OF GDP, IT’S HALF THE PAYROLL AND SMALL BUSINESS IS BOOMING. I’M REALLY NOT SURE WHAT DATA THEY’RE LOOKING AT, BECAUSE THERE’S NO DATA THAT SUGGESTS THAT ANYTHING OTHER THAN THAT THIS IS BOOMING. BY THE WAY, OUR RESEARCH DOES NOT SHOW SIGNS OF RECESSION. DAVID: FACT CHECKING IS SOMETHING YOU DON’T OFTEN SEE BY THE MEDIA AT THESE DEMOCRATIC DEBATES. HAVE YOU ASKED TO BE ON SOME OF THE MEDIA THAT REFUSED TO DO ANY FACT CHECKING OF THE THINGS THAT SOME OF THESE NOMINEES WERE SAYING OR SOME OF THESE CANDIDATES WERE SAYING?>>NO, I HAVEN’T. BUT YOU NEED TO UNDERSTAND THAT NFIB IS A NONPARTISAN ORGANIZATION. WE REPRESENT EXCLUSIVELY THE SMALL BUSINESS AGENDA. WE WOULDN’T BE PLAYING THAT ROLE. DAVID: IT’S JUST EXTRAORDINARY THAT THERE’S NO FACT CHECKING WHEN THEY COME OUT WITH THINGS LIKE THIS. NEXT ONE, MINIMUM WAGE INCREASES GO INTO EFFECT TODAY. MINNEAPOLIS, NEW JERSEY, OREGON, D.C., CALIFORNIA. WHAT’S THAT GOING TO DO TO SMALL BUSINESS?>>WELL, AGAIN, OUR ECONOMIC RESEARCH HAS SHOWN THIS OVER AND OVER AGAIN IN PLACES WHERE THE MINIMUM WAGE HAS BEEN INCREASED. IT’S A VERY BAD IDEA. WE’RE HAVING THE LONGEST RECOVERY IN HISTORY. AS OF TODAY, 121 MONTHS IN RECOVERY. ONE OF THE BEST WAYS TO DESTROY THAT IS BY INCREASING THE MINIMUM WAGE, EITHER TO THE FEDERAL LEVEL OR LOCAL LEVEL. JUST LOOK WHAT SEATTLE DID A FEW YEARS AGO. THEY INCREASED THEIR MINIMUM WAGE TO $15. ALMOST IMMEDIATELY, THEY LOST 5,000 JOBS. BUT MOST IMPORTANTLY FOR ME, THE LOWER AGE OF WORKERS LOST 35 MILLION HOURS OF WORK. SO WHO DOES THAT BENEFIT? ALMOST NO ONE. IT WAS THE LOWER WAGE EMPLOYEES THAT SUFFERED THE MOST. OUR RESEARCH HAS SHOWN THIS OVER AND OVER AGAIN. MINIMUM WAGE INCREASES LOWER GDP. IF YOU DID IT ON A NATIONAL LEVEL IT WOULD BE ABOUT $1 TRILLION OF LOWER GDP. AND YOU WOULD HAVE ABOUT 700,000 ABLE-BODIED WORKERS WHO WOULD LEAVE THE WORK FORCE. THAT’S THE LAST THING WE NEED IN A TIGHT LABOR MARKET LIKE THIS. THE NFIB MEMBERS ARE TELLING ME THAT THEIR MOST IMPORTANT BUSINESS PROBLEM IS FINDING QUALIFIED WORKERS. WE NEED MORE PEOPLE WORKING, NOT FEWER. DAVID: PARTICULARLY FIRST-TIMERS. THAT’S WHO ARE HURT THE MOST, PEOPLE WHO ARE FOR THE FIRST TIME GETTING A JOB, STILL LIVING WITH THEIR PARENTS, THEY DON’T SURVIVE ON THE MINIMUM WAGE BUT THEY’RE THE ONES WHOSE JOBS ARE

, , , , , , , ,

Post navigation

Leave a Reply

Your email address will not be published. Required fields are marked *