Obama-praised furniture company closes its doors

Clips

Transcript

This transcript is automatically generated

-- -- back -- of the president just one year ago.

Bruce Cochran's family had manufactured furniture -- North Carolina for five generations.

As Giles began shifting to Asia.

The family's -- business and Bruce spent time in China and Vietnam as a consultant for American furniture makers who had shifted their production.

While he was -- though he noticed something he didn't expect.

-- customers actually want to buy things made in America.

So he came home and -- new company.

Lincoln -- furniture.

But that was then this is now today the news that Lincoln did furniture company is shutting its doors former governor Mike Huckabee not a -- Surprise well.

Well it's a tragedy but it isn't a surprise in the reason is when somebody goes into business today.

Their toughest competition isn't the guy across town across -- state -- across the country not even across the globe.

It's its own government.

That's where the competition is tough the regulatory process to get through the litigation one has to insure against.

And then when it gets down to have manufacturing -- thing if you look at all the ways in which.

People going into business are gonna have to not only paid -- tax they know about -- didn't prepare for the taxes they weren't.

Thinking they were gonna pay in this case -- say Obama care.

The new increase of the taxes is just this January 1 look I know the liberal -- that's not the reason jobs leave.

Yes it is -- When you can't make money you don't go into business to operated at a loss you have to make a profit and when you can't make a profit because all those costs too much.

You do what happens in this unfortunate situation in North Carolina you close the doors and people.

Are unemployed you'll you'll almost easier -- a business executive the president wants to speak.

-- with you at a public event.

He also one -- -- -- give -- a lender in this case because it's really a death wish but.

What I think is really going on is this an indictment against the economy.

Or an indictment against rules regulations taxes that are prohibitively high in getting higher here play.

It's a combination of all the -- you can't blame specifically that President Obama is to direct cause.

But this company going down that would be disingenuous -- seven uncanny knack for.

Think you're -- companies well actually he's picking out new starts and the trouble is most -- starts fail.

That's just a harsh reality.

And the reason that it's harder for a new start to make it today than it was even 51015.

Years ago is because the economy is in the tank.

You have government regulations and government mandates that are more expensive.

And you have a tax burden that people just can't.

Make a profit wet and you -- all that together and it's a recipe for disaster.

And and you know it's tragic I think especially in North Carolina which has long been.

The furniture manufacturing sector of America.

Lot of folks -- go down their pick are already out some of the greatest furniture in the world has been made right there in North Carolina.

And that's real sad story governor thank you very much was -- and thanks this weekend as well.

Watch Live

Obama-praised furniture company closes its doors

Details

Clips

Biggest Names in Business

TX businessman suing government over health care law

Airlines roll out new fee hikes for passengers

Will stock buyback help Apple's shares?

Proposal to include 'slaughter' location on meat

Cyprus bailout puts spotlight on safety of bank deposits

Heinz agrees to buyout by Berkshire, 3G Capital

Toyota overtakes GM lead in global sales

Transcript

Recommended