We now have another four years with President Obama at the helm of the United States. Many speculate that the President won the 2012 election because of his economic successes.
The Washington Post has spoken to John Arensmeyer, CEO of lobbying firm Small Business Majority, who says, “We’ve been seeing steady albeit modest growth in the economy since the President took office and we are cautiously optimistic.”
For America - any economic optimism is a wonderful thing, and franchisers and franchisees alike will hope that Obama can stay true to his pre-election proposals.
CNN reports that President Obama's proposal to let the infamous Bush-era tax cuts (for those earning more than $200,000 annually) expire will only hit a small proportion of small businesses. However, this small proportion will still include 1 million companies.
Although more cash flowing into the Treasury coffers could help finance Obamacare, it is Obama's purported 18 small biz tax cuts that would be more immediately welcome to franchisees.
Let's hope Obama has read the following franchising facts reported by Franchising.com:
- There are 6,000 franchises in the U.S.
- Nearly 50 percent of all retail sales come from franchising.
- 750,000 US franchises generate nearly $1 trillion in annual sales.
- Franchises employ more than 18 million people directly and 25 millionindirectly.
There is no doubt that the man himself will continue to have the economy on his mind. During his first term Obama said:
"We can choose a future where we export more products and outsource fewer jobs. After a decade that was defined by what we bought and borrowed, we're getting back to basics, and doing what America has always done best: We're making things again."
Let's hope he meets the needs of franchisees in his new term, because we like the phrase:
Franchising - Yes We Can.