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FIB - Scams 101

Re: Do you think the election will affect your business?

Posted By: Dennis Bevers
Date: Wednesday, November 8, 2006, at 3:29 a.m.(pst)

In Response To: Do you think the election will affect your business? (Diana)

> Just curious about how (or if) you feel the results of yesterday's
> election (local or national) will affect your business. Short term or
> long-term.

> However, I don't feel much will affect my business, although it will be
> interesting to see how the shift in the Congress affects getting anything
> DONE for 2 years.

Diana,

I don't foresee much impact in the near term, but am concerned about the long term. A big jump in the minimum wage affects not only the employees with rising wage costs, but also has a negative effect on employment numbers. The entry-level works bear at least part of the burden as the number of total minimum-wage positions are reduced, and/or the employee's hours are cut. There is no magic well for the employers to go make up the difference if there is a $ 0.75 per hour increase in 2007.

Similarly, the House Committee Chairmanships will be changed in the next Congress, giving leadership to people who never saw a tax they didn't like. This statement is not meant to be political - just looking at the impact on the country's economic future as new taxes such as Clinton's BTU tax are resurrected.

The Clinton inauguration was followed by passage of a luxury tax that was place on jewelry, expensive yachts, and other luxuries. The immediate impact was a drop in high-dollar boat sales after the tax went into effect. The reduced tax income to the US was minor, compared to the number of employees in the boat building industry was slashed as boat sales dropped. If the current boats aren't selling, no new inventory will be created. Shortly after the working people were devasted, the luxury tax was repealed.

The Bill & Hillary Nationalized/Socialized Health Care Plan which would have covered 1/7th of the federal budget had a serious impact on my business volume. I sell primarily to business and industry, and they weren't buying as much during the summer of 1992. Only after the plan was defeated did my sales improve.

I've seen the same type impact when various state taxes are proposed. The uncertainty causes caution on the part of business, from Mom and Pop's to large corporations. The unknown has to be considered for business to adjust, adapt, and survive.

From now until the next Congress is sworn in next January, I expect at least a small slip in sales, as businesses hold their breath for the first 100 days of the new Speaker of the House of Representatives. The actions taken, as well as committee chair appointments will give the movers and shakers of industry some idea of what to expect.

With baited breath,

Dennis Bevers

Note to MaaMaw: If I've crossed the line forbidding political speech, I apologize. I felt I couldn't give a reasonable answer, without some background. If it's a problem, consider leaving it up for 8 to 12 hours and then remove or edit my posts and any offending responses that follow - Or nip this thread in the bud, remove my response immediately, and post guidelines for acceptable replies on this most urgent topic of the day.

A helpful list of criteria for evaluating any product based business

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