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Romney Campaign Press Release - President Obama's Hostility To Job Creators Hurts Hispanic-Owned Businesses

June 05, 2012

"Candidate Obama promised to restore the American dream for millions of Hispanics. But, nearly four years later, it's clear President Obama hasn't lived up to his promise. Millions of Hispanics remain unemployed and Hispanic-owned businesses are struggling under President Obama's job-destroying policies. From day one of his presidency, Mitt Romney will enact policies that get our economy moving again for Hispanics and all Americans." –Andrea Saul, Romney Campaign Spokesperson

Four Years Ago, Candidate Obama Promised Hispanics He Would Help "Tear Down The Barriers" To The American Dream And Create "Millions Of New Jobs":

Candidate Obama, In A 2008 Speech To NALEO: "We Can Tear Down The Barriers That Keep The American Dream Out Of Reach For So Many Americans. ... Create Millions Of New Jobs." OBAMA: "And we can do something more. We can tear down the barriers that keep the American dream out of reach for so many Americans. We can end the housing crisis and create millions of new jobs. ... But I can't do this on my own. I need your help. This election could well come down to how many Latinos turn out to vote." (Sen. Barack Obama, Remarks, Washington, DC, 6/28/08)

But Instead Of Restoring The American Dream, President Obama Has Enacted Policies That Are Hostile To Hispanic-Owned Businesses:

Currently, The United States Has Millions Of Hispanic-Owned Businesses. "Since its inception, the USHCC has worked towards bringing the issues and concerns of the nation's almost 3 million Hispanic-owned businesses to the forefront of the national economic agenda." (US Hispanic Chamber Of Commerce Website, www.ushcc.com, Accessed 6/3/12)

Obamacare Has Forced Hispanic-Owned Businesses To Cope With New Costly Government Mandates. "It should also be noted that many small business owners who change or drop their employee health care coverage will be personally hurt. For example, a Hispanic small business owner who has been in business for over 20 years in Colorado and employs close to 200 employees stated that after becoming more aware of the new requirements imposed by ObamaCare, he believes his business cannot afford the new mandates. He further stated it would be cheaper to just pay the fines, thereby requiring his employees to use government-run health care." (Michael L. Barrera, "Challenges Faced By Small Business Due To Obamacare," Fox News, 12/26/11)

President Obama's Tax Plans Would Come "At The Expense Of Smaller Businesses That File As Individuals" By Hiking Their Marginal Rates To "41% Or More." "By contrast, President Obama's proposal yesterday (see below) to cut the corporate rate to 28% from 35% wouldn't apply to this 'pass-through' business income. It would thus favor big corporations at the expense of smaller businesses that file as individuals and would see their marginal rate rise to 41% or more under Mr. Obama's plan to raise individual tax rates." (Editorial, "Romney's Tax Reboot," The Wall Street Journal, 2/23/12)

  • Approximately 50% Of Private Sector Employees Work At Firms That File Their Taxes Through The Individual Tax Code. "In 2008, flow-through businesses: Accounted for nearly 95 percent of all business entities; Employed 54 percent of the private sector work force; and, Reported 36 percent of all business receipts. Moreover, between 2004 and 2008 individual owners of flow-through business reported 54 percent of all business net income and paid 44 percent of all federal business income taxes." (Robert Carroll and Gerald Prante, "The Flow-Through Business Sector And Tax Reform," Ernst & Young, 4/11)

According To The Small Business And Entrepreneurship Council, "Business Owners Remain On Edge Regarding The Tidal Wave Of Federal Government Regulation." "'Business owners remain on edge regarding the tidal wave of federal government regulation that has been advanced or proposed over the past two years. ... The pain of the harsh recession was intensified and lengthened by this hyper-regulatory environment,' Karen Kerrigan, president of the Small Business and Entrepreneurship Council, wrote in a Jan. 12 letter to Issa." (Philip Rucker and David S. Hilzenrath, "GOP Eyes Rules That Firms Say Hurt Jobs," The Washington Post, 2/7/11)

And All Hispanics Have Struggled In The Obama Economy With Unemployment Levels That Far Exceed The National Average:

The National Unemployment Rate For Hispanic Workers "Rose To A Bleak 11 Percent In May, Almost 3 Points Higher Than The National Average." "The national unemployment rate for Latinos rose to a bleak 11 percent in May, almost 3 points higher than the national average of 8.2 percent, according to new numbers released Friday by the Bureau of Labor and Statistics. Since the last report, the Hispanic unemployment rate increased from 10.3 Percent to 11.0 Percent." (Serafin Gómez, "Unemployment Jumps To 11 Percent Among Latinos, Report Says," Fox News,6/1/12)

  • In The Last Month Alone, Hispanic Unemployment Increased From 10.3% To 11%. (Bureau Of Labor Statistics, www.bls.gov, 6/3/12)

In May 2012, 2.7 Million Hispanic Workers Were Unemployed. (Bureau Of Labor Statistics, www.bls.gov, 6/3/12)

Pew Center: "Hispanics Say They Have The Worst Of A Bad Economy" (Paul Taylor, et al, "Hispanics Say They Have The Worst Of A Bad Economy," Pew Research Center, 1/26/12)

Nearly 60% Of Hispanics Report That Someone In Their Household Was Out Of Work In The Past Year. "Large shares report that they or someone in their household has been out of work in the past year (59%); that their personal finances are in 'only fair' or "poor" shape (75%); that they canceled or delayed a major purchase in the past year (49%); or that they are underwater on their mortgage (28% of Latino homeowners)." (Paul Taylor, et al, "Hispanics Say They Have The Worst Of A Bad Economy," Pew Research Center, 1/26/12)

Since 2008, More Hispanics Have Fallen Into Poverty. (People With Income Below Specified Ratios Of Their Poverty Thresholds By Selected Characteristics, 2008, US Census Bureau, 9/10/2009; People And Families In Poverty By Selected Characteristics: 2009 And 2010, US Census Bureau, 9/13/11)

Mitt Romney, Romney Campaign Press Release - President Obama's Hostility To Job Creators Hurts Hispanic-Owned Businesses Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/301377

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