The FINANCIAL — The health care law has emerged as the top concern for small businesses, finds the U.S. Chamber of Commerce’s latest quarterly small business survey.
Concerns about regulation have increased significantly and hiring continues to be stalled by uncertainty and regulatory burdens, shows the survey, conducted by Harris Interactive among more than 1,300 small business executives.
The outlook for hiring remains grim, with the majority of small businesses saying they do not have plans to hire next year. However, small business owners overwhelmingly voiced support for polices that would remove regulatory barriers and encourage growth, with 88% supporting action to address entitlement spending, and 81% responding that the immigration system is broken and needs to be reformed.
“Excessive regulation is having a crippling effect on job growth among small businesses, as our latest small business survey makes clear,” said Rob Engstrom, the Chamber’s senior vice president and national political director. “In fact, the only thing that scares small businesses more than the current business climate is what Washington bureaucrats will do next. Today’s tough economic climate demands leadership on today’s big issues,” he added.
Concern about the 2010 health care bill has increased by 10-points since June 2011 and by four points since last quarter. Eight-out-of-ten small businesses (79%) continue to think the U.S. economy is off on the wrong track, and 61% do not have plans to hire in the next year, according to the U.S. Chamber of Commerce.
“The impact of the health care law on small business gets worse with every day that passes,” Engstrom said. “As we approach the 2014 elections, we will hold members of Congress accountable for votes on policies that paralyze growth and job creation. And health care will be a defining issue for the business community,” Engstrom added.
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