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Small businesses react to Obama's plan

Thursday, January 28, 2010

A hardware store in Harlem is clearly a small business that's been doing something right.

Jay Glick has been in business for one hundred years, long enough to see his fair share of government incentives, but are they enough in the midst of a recession?

"To hire workers is easy. To pay a salary at the end of the week is difficult," Glick said.

In his State of the Union address, the president pitched several new job initiatives, including eliminating capital gains taxes on small business investments, extending tax breaks for businesses who hire people, and re-directing 30 billion dollars in bank bailout money towards community banks for lending.

"Jobs must be our number one focus in 2010, and that's why I'm asking for a new jobs bill tonight," Obama declared.

Still, some wonder whether more government spending is really the answer here. An even bigger deficit hurts the economy, which can cost people their jobs.

"i think it's gonna be a mess. I think we're only gonna get a recovery in jobs when the economy recovers. I don't think that you can stimulate job growth artificially and get it going," economist Robert Brusca.

The owner of a women's clothing store in Harlem disagrees. She can't wait for a government incentive to hire one more worker to expand her business on the internet.

"In a perfect world, that would be it. We needed them last year," Princess Jenkins said.

No one disagrees with the president over the urgency of the situation, but the answers for the millions who've lost their jobs are certainly hard to come by and very different depending who you ask.

(Copyright ©2014 WABC-TV/DT. All Rights Reserved.)

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Tags:
new york city, harlem, barack obama, jobs, local news, stacey sager
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