JCN’s Ortiz-Small Business Week ‘To Extent Small Businesses Are Coming Back, They’re Despite Biden’s Policies Not Because of Them” Tax Hikes Tame Inflation? Small Biz Data; plus MHMarkets Updates
Job Creators Network (JCN) President and CEO Alfredo Ortiz recently published an op-ed that first appeared on the Hill and has since been republished on the JCN website. Ortiz cites facts and figures, including research produced for JCN polling small businesses. That JCN survey included small businesses owned by Democrats, minorities, women and others. The screen captures that bracket Ortiz’s article are from that March 2022 survey the organization he leads commissioned. The entire survey is linked from his op-ed and further below. Among the somber claims? Only “13 percent of small companies affected by the [COVID19] pandemic have fully recovered.”
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Specter of Stagflation Arrives for National Small Business Week
Op-Ed Appeared in The Hill on May 2, 2022 By Alfredo Ortiz
Just in time for National Small Business Week, stagflation is arriving. On Thursday, the Commerce Department announced the economy shrank by 1.4 percent in the first quarter — well below analysts’ estimates. On Friday, the Commerce Department revealed the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation indicator, rose at its fastest rate in more than 40 years. This combination of a contracting economy and runaway prices equals stagflation, which the economy hasn’t experienced since the 1970s.
President Biden responded to the GDP decline by blaming “technical factors,” Russian President Vladimir Putin’s war in Ukraine, and lingering effects of the COVID-19 pandemic, rather than recognizing his own policies are responsible. He tried to distract from it by taking credit for a “small business boom” of business creation as the pandemic wanes. Yet Job Creators Network’s Small Business IQ polling indicates that only 13 percent of small companies affected by the pandemic have fully recovered.
To the extent that small businesses are coming back, they’re doing so despite Biden’s policies, not because of them. And the inflation and economic headwinds facing these entrepreneurs will only get stronger if Biden and congressional Democrats have their way. That’s the real message of National Small Business Week.
Democrats are desperate to pass significant legislation before the midterm elections in November and seem to have landed on tax hikes on their policy craps table. Biden’s recently announced budget calls for $2.5 trillion worth of tax increases. His plans include raising rates by one-third on the more than 1 million small companies structured as corporations and significantly increasing the tax burden on successful small businesses set up as pass-throughs.
Unbelievably, congressional Democrats are pitching tax hikes as a cure for inflation. Last week, Senate Majority Leader Chuck Schumer (D-N.Y.) said, “If you want to get rid of inflation, the only way to do it is to undo a lot of the Trump tax cuts and raise rates.” Democrats are taking a page from their failed Build Back Better playbook, which also tried to convince Americans that trillions of dollars in new spending is an inflation solution.
It’s unclear whether Democrats actually believe this economic sophistry. More likely, they are just pandering to Sen. Joe Manchin (D-W.Va.), whose vote they need to pass anything — and for whom inflation is a top priority. What’s clear is that they are attempting to distract from the true inflation culprit: their own bad policies, including reckless spending that has devalued the dollar, and generous social programs that goosed demand and depressed labor supply.
In reality, tax hikes would only accelerate inflation and contract the economy further by hamstringing small businesses. Higher taxes disincentivize small business creation and expansion needed to overcome supply constraints, reduce inflation, and accelerate economic growth. Tax increases would usher in stagflation and an economic recession.
To emerge from this economic contraction and ward off stagflation, Congress should take the opposite approach and make permanent the Tax Cuts and Jobs Act (TCJA), which led to historic shared economic prosperity in 2018 and 2019. TCJA provisions — including a 20 percent qualified business income deduction that approximately 15 million small businesses have taken advantage of each year — have allowed small businesses to keep more of their earnings and reinvest them into expansion, hiring, and wage increases.
Unfortunately, most TCJA provisions are scheduled to expire after 2025. Making them permanent can give small businesses the certainty they need to make investments to bring the economy back.
Republican members of Congress also should begin thinking now about how they can pass pro-small business reforms, given the potential for the GOP to retake control of the House and Senate. In addition to making the Tax Cuts and Jobs Act permanent, agenda items should include increasing traditional energy production and transportation to bring down gas prices; deregulation, especially in the areas of climate and labor, to make it easier for small businesses to thrive; and personalized health care reform to increase choices and reduce prices.
A future with policies such as these can give small businesses something to look forward to this week and in the economically precarious months ahead. ##
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Ortiz’s and the JCN Survey provide a useful backdrop to the manufactured home industry specific reports linked below.
It is important to note the distinction between the larger corporate response evidenced through the Business Round Table, U.S. members of the World Economic Forum, and others of that type to the Biden regime vs. that of smaller businesses or the Association of Mature American Citizens (AMAC).
Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.
The Business Daily Manufactured Home Industry Connected Stock Market Updates. Plus, Market Moving Left leaning CNN and Right-leaning (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.
“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett. That begs a key question. Why don’t more people LOOK at the rearview mirror so they can learn more about the patterns that influence what’s ahead? Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. To return to this page, use your back key, escape or follow the prompts.
“Survey 85 Percent of Americans Concerned About Inflation, Credit Card Interest Up by 3.3” said a headline on Breitbart. ‘Core retail’ inflation was announced on 4.12.2022 as 8.5 percent. Some commentators are saying that the actual rate of inflation in the U.S. is more like 15 to 20 percent. As the value of the dollar erodes, that impact should be considered when looking at stock market performance. Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. To return to this page, use your back key, escape or follow the prompts.
Headlines fromleft-of-center CNN Business – from the evening of 5.5.2022
So much for that Fed rally
NEW YORK, NEW YORK – MAY 05: Traders work the floor of the New York Stock Exchange during morning trading on May 05, 2022 in New York City. Stocks opened lower this morning after closing high on Wednesday after the Federal Reserve announced an interest-rate hike by half a percentage point in an effort to further lower inflation.
Dow plunges 1,000 points, wiping out Wednesday’s surge
Stock market selloff is exactly what the Fed wants, ex-NY Fed chief says
The Fed could have trouble avoiding a double-dip recession
Here’s how higher rates will impact you
How to take advantage of rising interest rates
Amazon Labor Union’s Chris Smalls faces off against Sen. Graham
US worker productivity fell at the fastest rate in nearly 75 years
Opinion: Europe should call Russia’s bluff on energy
China’s economy is going backwards
Elon Musk raises an additional $7 billion in financing for Twitter deal
Bill Gates: Elon Musk ‘could make Twitter worse’
Elon Musk probably got a huge tax break when he sold off Tesla shares
Searches, texts, location data: How personal data could be used to enforce anti-abortion laws
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28 February 2022, Mecklenburg-Western Pomerania, Lubmin: View of pipe systems and shut-off devices at the gas receiving station of the Nord Stream 1 Baltic Sea pipeline.
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Houses in Westchester County in Larchmont, New York, U.S., on Monday, July 5, 2021
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RETAIL
Meatballs are served at an Ikea restaurant in Amsterdam, Netherlands, in March 2013.
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WEALTH COACH
Two Asian couples and men and women are together analyzing expenses or finances in deposit accounts and daily income sources with an savings economical concept.
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The S&P is having its worst start to a year since 1939
7 things you’re wasting money on
Here’s how to retire long before your 60s
These numbers are bad news if you’re trying to buy or refinance a house
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More Russian Invasion of Ukraine
Newsmax TV
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Newsfront
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If it is true, then it isn’t necessarily bragging. By checking the facts and following the money trail, even on controversial topics, MHProNews has provided reports and analysis that stand the test of time. While others – including various examples from mainstream media – have published reports that later need to be corrected or modified in significant ways, reports on MHProNews in recent years have provided a routinely dependable resource for reliable information, analysis, and evidence-based ‘logical’ commentary. There is simply nothing else like it, which is why we have been and remain the #1, despite coverage that often vexes the powers that be in manufactured housing.
Manufactured Housing Industry Investments Connected Equities Closing Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers. · LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others. · AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here. Enjoy these ‘blast from the past’ comments. MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.
Sample Kudos over the years…
It is now 12+ years and counting…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
· For expert manufactured housing business development or other professional services, click here.
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Disclosure. MHProNews holds no positions in the stocks in this report.
All on Capitol Hill were welcoming and interested in manufactured housing related issues. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included a copy of the Constitution of the United States and other goodies. Tamas has grown considerably since this photo was taken.
By L.A. “Tony” Kovach – for MHProNews. Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
