You're watching...
Michael Whalen, Heart of America Group president & CEO, weighs in on President Obama’s meeting with CEOs, and how Obamacare will impact his busi...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Meanwhile the Republicans and Democrats are duking it out over the fiscal cliff small businesses are suffering from the big -- -- -- Sitting on the sidelines with more on this Michael Whelan president and CEO of heart of America group Mike thanks for coming on the show.
How worried are you about this fiscal clip.
Well Jerry I just had a great pleasure of spending.
Multi hour meeting yesterday -- multiple outside accountants.
As they went through various spreadsheets.
Showing step by step of how the fiscal -- is gonna.
-- heart of America and we're job -- who create jobs right now and I'll I can tell you is that it don't look pretty.
Why how severe will abate we actually have to get rid of some -- doesn't doesn't just delay your expansion plans.
-- to divert your attention to divert this certainly is gonna -- -- divert money resources.
I don't clearly in next week.
I have two more -- meetings.
One it's gonna take a bunch of time -- state tax planning because they now believe that these you have 45% of everything else like -- my life.
And we're gonna waste a bunch of time and money on that and then we're gonna go into an all day meeting with -- outside experts on how obamacare.
Is gonna cost our company time and money -- -- -- -- It's an onslaught and -- triple whammy.
Well I -- throw some numbers here the impact on small business if these tax hikes actually happen.
According to Ernst and young is gonna wipe out 7101000.
Jobs increase and unemployment by half a percent.
Reduce after tax wages by one point 8% -- it it not only does -- wipe out jobs also cuts wages -- US GDP by one point 3% does this sound about right to you.
Well I'm not gonna come at a macroeconomic numbers but I know right here in the heartland of America.
It's gonna hurt peninsula -- -- in a real real -- and you know I used to think that if we continued to talked and Fox Business news and other places -- -- how did pass throughs.
Small businesses like mine of our taxes individuals and that's gonna hurt business creation that sooner or later they'd listen.
But I think they understand and I don't think they care it's kinda like when he said he'd raise the capital gains even put.
Resulted in less revenue because it's fair.
My how'd -- feel this week when the president met.
With fortune 500 companies met with Procter & Gamble.
He met with GP.
All these big company chieftains -- not a single small business operator there.
What you think.
Well I think you'd be scared to meet with a whole bunch of Mike Whalen is because we actually put our name on the line at the -- could.
Something called a personal guarantee -- we take it personally.
We're the ones -- great two thirds of the jobs in this country I'd like to see how many net new jobs.
And those companies and it was word that we're in the White House the other name created in the last ten years -- guess in virtually zero so he's talking to the wrong crowd.
He's talking -- the wrong crowd I wanna bring up another topic that's near and dear to your heart that's education and job training and -- you do it inside your company.
You're very keen on it -- 86% of small business owners say that they're concerned that they're going to be huge cuts.
To the programs it actually bankroll this kind of education this kind of training for workers what's your view.
Well this is a double whammy they're probably gonna cut those programs that they do provide early -- on the job training.
But then it is they continue to raise the cost of young -- unskilled workers.
That we typically our industry particularly the hospitality industry have taken -- -- and trained.
That person is gonna get a second look as to whether we can afford to keep them on for a couple years as they learn on the job.
The burden of these taxes.
At the end of the day.
What's it gonna mean for employment among small business operators like yourself.
Oh absolutely it's -- it.
Those four and a half million small business people that create the two thirds of the new jobs.
They're all of them that are pass throughs in most of bizarre LL season sub -- they're all their taxes are all going up.
But as I said is Karen Carpenter once saying it's only just begun.
Let's move on to obamacare let's move on doing a whole range of new regulations.
That's gonna cost us money and cost -- jobs.
Michael -- I hope you'll come back and talk to us at each turn in -- -- that.
-- really appreciate your time it's just terrific to see you thank you.
Thank you Jerry.
