The theme of Tuesday’s Republican convention was “Land of Opportunity.” Speakers took to the stage to showcase the Trump administration’s track record of reviving the American Dream.
John Peterson, a Wisconsin entrepreneur, noted in his remarks that policies adopted under the Obama-Biden administration sent his small business into a tailspin. But “everything changed…[b]ecause Donald Trump was elected president.”BIDEN’S ECONOMIC PLAN IS OBAMA REDUX ON STEROIDS
There’s no shortage of accomplishments to highlight—especially those that pertain to small businesses and the 90 million people who depend on them.
Exhibit “A” is the 2017 Tax Cuts and Jobs Act (TCJA)—which sparked one of the strongest economies in half a century. A lower tax rate that applied to pass-through small businesses and a new standard deduction available to entrepreneurs allowed business owners to keep more of their own money. And where did that money end-up? Rather than being devoured by Uncle Sam, the extra cash flowed into business investments and employee wallets.
Slashing the corporate tax rate by 40 percent was another key provision included in the TCJA that has spurred further economic progress—notably helping to rebuild America’s manufacturing sector. Compared to earlier this year, nearly half a million manufacturing jobs have been created since Trump took office.
In conjunction with cutting taxes, the Trump administration continues to pursue a strict regimen of deregulation.
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In 2019, for example, more than four regulations were eliminated for every new one added. On top of the resulting $51 billion of government savings since 2017, the policy has untangled businesses from a spider web of red tape—which previously strangled company budgets and bridled economic growth.
Now entrepreneurs can focus on what they do best: create jobs, provide economic opportunity and innovate, not fill-out paperwork.
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President Trump has also incrementally loosened the grip of ObamaCare by abolishing the program’s coverage penalty, as well as taken bold action to curb rising health care and prescription drug costs.
Efforts to make short-term, limited-duration health plans more practical and expand access to association health plans for small businesses (although currently tied-up in court) provide Americans with more choice at cheaper rates when determining the best medical coverage that fits their unique situation.
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Executive orders demanding price transparency and removing middlemen who jack-up drug costs was yet another step to reduce what individuals and businesses pay for medical care.
Together, the trio of reforms has reeled-in the American Dream to within arm’s length for so many—especially groups that have historically been disenfranchised.
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Prior to the pandemic, African- and Hispanic-Americans enjoyed record low unemployment rates. Similarly, jobless rates for women and high school educated Americans were also near all-time lows.
Although the coronavirus has posed a temporary setback, another four years of Trump administration policies will help reset the U.S. economy to the previous trajectory.
The marathon of speakers on Tuesday used their time to shine a spotlight on how Trump policies have helped to fuel an economy that has strengthened America’s Main Street businesses and created an abundance of opportunity for those who depend on them.
Extending the pro-small business agenda another four years will help the country recover from the pandemic, and beyond.
Alfredo Ortiz is the President and CEO of the Job Creators Network, which is spearheading the 10for20.com get-out-the-vote campaign.
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