Elgin Business Owners Still Concerned Over Economy

by Craig on May 6, 2011

On a regular basis, I have the privilege of working with a variety of business owners in the Elgin area. Since the state of the economy is a subject that is both relevant to nearly every citizen and a subject I personally find quite interesting, I take the opportunity whenever possible to ask business owners, those that know first hand about the true state of any recovery, to give me their take on the matter.

Unfortunately, with a few exceptions, I would classify the general outlook as fairly negative. On a general level, they just don’t see signs of a recovery. Business is by no means booming like it once was. When I inquire about the reality of the alleged recovery as reported by the government, many literally laugh at the prospect.

In case you didn’t hear, the recession ended in 2009.

Furthermore, many business owners are nervous to expand or hire new employees due to uncertainty regarding future or already passed government regulation like the recently passed health care bill.

Along the same lines, businesses already have an often overwhelming body of regulation to deal with, preventing them from focusing their efforts in productive areas important to growing business. On recent study suggested that one in three businesses now need the governments permission to operate. That’s up from one in twenty in the 1950’s.

In Elgin, every business now needs a license from the city to operate.

From an even higher altitude, the economy seems unsustainable. We have a massive national debt compounded by a gigantic budget deficit, and politicians are doing essentially nothing to fix it. We (read: our leaders) have an addiction to debt that can’t be paid back. This bodes poorly for those hoping to grow their business in a prosperous environment.

Aside from any facts regarding the sustainability or state of the economy, for whatever reason it may be, experienced business owners are concerned and are reluctant to expand.

Until I see this sentiment changing, I won’t have much hope for a significant sustainable economic recovery.

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