In February 2011, President Obama decried the fact that American companies were holding almost $2 trillion on their balance sheets. If only those companies would spend and invest those trillions in capital, the President argued, they would produce jobs and improve the lives of millions of Americans. Despite this prodding from President Obama to release the capital, it remains hostage.

It is likely that Obama will continue to try to spring the business capital loose, but there are no signs that he will succeed. The cause of the problem — “uncertainty” about taxes and regulation — is cited so often that it almost risks becoming one more political buzzword. In fact, there are very specific sources of uncertainty that Obama’s policies are currently exacerbating.