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  • Small Business Will Lead Recovery

    President Barack Obama said small businesses are “the places where most new jobs begin” and they will most likely be at the forefront of new hiring as the economy recovers.

    President Barack Obama said small businesses are “the places where most new jobs begin” and will be at the forefront of new hiring as the economy recovers.

    Obama, in his weekly address on the radio and the Internet today, spotlighted the importance of small businesses the day after announcing his latest initiative to spur job growth. He said his recent proposals for tax incentives and credits, expanded government loan programs and aid to community banks will help small businesses add employees.

    “Government can’t create these businesses, but it can give entrepreneurs the support they need to open their doors, expand, or hire more workers,” Obama said.

    Obama has outlined a series of steps to encourage small business hiring, including $33 billion in tax credits and incentives and using $30 billion in repaid bank bailout money to encourage small business lending by community banks.

    Yesterday, at a business in Lanham, Maryland, he announced that he will back a temporary increase in Small Business Administration loans to $1 million from $350,000 to encourage hiring along with assistance for commercial mortgage refinancing through the Small Business Administration.

    All of the proposals need congressional approval.

    “Leaders in both parties have supported similar ideas in the past,” Obama said. “So let’s come together and pass these measures without delay.”

    Obama has called job creation his top priority this year. Yesterday the Labor Department reported the nation’s unemployment rate in January fell to 9.7 percent, from 10 percent the month before.

    “It is still unacceptably high,” Obama said. His administration has forecast the unemployment rate to average 10 percent through 2010.

    Republican Address

    In the Republican address, Texas Congressman Jeb Hensarling criticized the federal budget Obama unveiled on Feb. 1 for proposing a record $3.8 trillion in spending and adding to the deficit.

    Hensarling said Obama’s proposal to freeze nondiscretionary spending over three years starting in fiscal 2011 would exempt too much of the federal budget. “We have got to do better,” he said.

    “Serious fiscal responsibility requires more than just tinkering around the margins,” Hensarling said.

    He criticized the stimulus legislation backed by Obama and passed by Congress a year ago, saying it failed to stem unemployment as promised and cost too much.

    Democratic proposals to overhaul the U.S. health-care system and enact climate-change legislation are helping to slow job growth, Hensarling said.

    “We cannot continue on this reckless path,” he said.

    Read More: http://www.businessweek.com/news/2010-02-06/obama-says-small-business-will-lead-hiring-in-economic-recovery.html

    Good luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals

    Filed Under: Startup/Entrepreneur


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