Unemployment And Economy: Small Business – Recession Not Over
The National Bureau of Economic Research declared that the recession ended in 2009. The NBER may feel confident about its predictions, but the small business trends website paints a much different picture. The Obama white house has claimed that small businesses are the key to economic recovery.
If, as the Obama administration claims, that small businesses are the key to economic recovery, why are they not acting more confidently in the wake of the announcement? Small business owners do not feel the recovery and are just as skeptical of the average American of this pronouncement.
Trends Affecting Small Businesses
Angels, people who are essentially venture capitalists for small businesses, have lent less money to start ups. Lending to small businesses from the larger banks is also down. Businesses are going under, and few small businesses are looking for new hires. All of these factors, as well as the lack of capital investments mean that the recession still remains, even if the Obama administration wants to talk the economy up.
As long as small businesses feel that the Great Recession continues and that the administration is trying to punish achievement, these trends will continue into the foreseeable future. The economy might turn around if the Republican gain control of both houses in September. Fear of what Obama might do has long driven the current administration, rather than the perception of the relatively few economic successes he has had.
Aren’t There Other Factors
Small businesses will also get hurt by the failure to extend the Bush-era tax cuts. Obama recently passed a bill that should expend and ease small business lending. Although this is a good step forward, the credit crunch is only one of the factors driving the current recession. Business-friendly policies must be enacted at the federal level to get commerce moving.
Posted by Victor Hatley
on Oct 12 2010. Filed under Business, Featured, Politics.
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