The Obama Effect: Another Touted Business Closes
At a January 2012 jobs forum President Obama talked about the opportunities for new businesses to grow and expand here in the United States. In particular the president highlighted a new manufacturing company based in North Carolina. Lincolnton Furniture was praised for bringing jobs back to the United States. Lincolnton owner Bruce Cochrane even sat next to the first lady during the State of the Union address. It was a promising time.
But, one short year later Lincolnton Furniture has closed. There were not enough orders to keep the doors of this start up company open.
For many the Lincolnton Furniture closing is symbolic of Obama’s Economic “Recovery”. The closure comes the same week that the December jobs report shows unemployment stalled at 7.8% and the labor force participation rate continues to be at a record low 63% according to the Bureau of Labor Statistics.
The Obama track record of promoting businesses that either closed or layed-off employees during his tenure has become legendary. Rush Limbaugh calls it the Obama Effect. But for the people of Lincolnton, North Carolina it is a sign that the country is not making the progress so many had hoped. Lots less ‘Forward’ and lots more stuck in a rut.