Obama's Agenda vs. Expanding Business

Is it time to ask whether the Obama agenda could be hurting and not helping the business of this country. Does he have an anti-business bias or an agenda that gets translated into such a stance? Perhaps it is time to go over the list of what could be impeding the hiring of more people, the principal reason why we have been selling off.

1. Card check with forced arbitration. This pro-union position making it easier for workers to organize could lead to a dramatic expansion in union power. I have always agreed with Steve Galbraith, a great investing mind, who wrote a piece for Morgan Stanley (MS - commentary - Trade Now) (one I am sure was too honest to handle) that said "look for the union label and sell." Profits are cut big by unions, evident with the automakers and the auto-parts makers. Arbitration, the suggested path for labor issues, could hurt the business cause even more.

2. Tax on health benefits. This is a tough one because it could really crimp earnings of the everyday worker who needs to spend more not less to get us out of this.

3. The GM and Chrysler bankruptcies. A pattern is developing -- when businesses fail, the government and unions end up owning them. Any corporate bond-holder has to factor in this confiscation, even though you could easily argue that the government had to take ownership here or they would have been liquidated, causing gigantic job loss.

4. The EPA carbon dioxide rules. These will kill many small businesses by causing them to have to spend big money to comply. The undeniable costs of being green. Cap and trade has been a proven job-killer in Spain; how could it not be here?

5. Repeal of Bush tax cuts. Killing the 15% tax on dividends will further hurt savers who get nothing on CDs now. This is key for the stock market and it needs to be repudiated as stock rallies are instrumental in turning the economy around -- they can lead because of the wealth effect.

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