Here’s the quick and bottom-line response to the subject matter spotlighted above in today’s blog headline from a principal employed by what is reportedly the biggest small business advocacy organization in the country: It’s good.
The U.S. economy, that is.
In fact, National Federation of Independent Business Chief Economist William Dunkelberg contends that small business owners across the country are more positive and taking more purposeful action that they have in years.
Dunkelberg’s spin on that happy situation is clear enough, and it has nothing to do with state and federal government initiatives (new laws, guidelines, processes and so forth) coming to the fore. Dunkelberg strongly stresses that an empirically proven jump in business confidence and profitability owes largely to the government’s retreating and simply getting out of the way.
In a nutshell, his analysis holds, the state of the nation’s economy is largely commensurate with the degree to which government regulators seek to control things. The more they do, the more straitjacketed business becomes. The more they pull back via a reduction in taxes and compliance hurdles, the greater the opportunity for the country’s entrepreneurs to make smart and expansionist commercial moves.
The latter is what is presently occurring, says Dunkelberg, who states that “many [previously] existing regulations and rules have been eliminated or scaled back” by the current presidential administration. That getting out of the way has in turn freed up legions of small business owners to pay down debt, purchase new inventory/ equipment and both hire new workers and give existing employees raises.
The result: a “profitable use of resources” rather than a simple government mandate that is less focused and that breeds, rather than curbs, market illogic and inefficiency.
Dunkelberg prominently promotes the viewpoint that American business is resurging and in a bit of a renaissance.
We obviously support tailwinds that fuel business growth at the proven New York City commercial law firm of R3M Law, LLP. We welcome contacts to the firm and the opportunity to discuss our active role in helping startups, fledgling small businesses and established companies grow their entities and prosper.