According to a Wells Fargo/Gallup poll published today, more than one in three -- 36% -- of U.S. small business owners reported that they are moderately or very worried that they will go out of business in 2012. Not only that, but 32% reported that they are moderately or very worried that they will be unable to pay their employees in 2012. When asked what they think is the most important problem facing small business owners like them, the top-three responses were: Complying with government regulations (22%), consumer confidence (15%), and lack of consumer demand (12%).
I don't know about you, but considering the fact that small businesses are supposed to be the powerful engine of job creation in our economy, the future doesn't look so bright.
In other news, the U.S. gross domestic product grew at a better-than-expected annualized rate of 2.5% -- again, not so hot, but at this point we'll take any positive economic news we can get.
This is sad to hear. Isn't the government supposed to be fostering economic growth as opposed to hindering it?