If we are going to recover from this recession, small business will lead the way

We are losing jobs at an alarming rate.  Unemployment is now at 9.5% and is expected to increase, which means more and more families will struggle to make ends meet. In fact, President Obama has now acknowledged that unemployment will continue to “tick up for several months.”  This is the most difficult economic situation most of us have seen in our lifetime and  I believe Congress and the Administration have missed critical opportunities to address this issue by ignoring the most important component of the solution:  small business.

Small businesses are most significant job creators in our economy; responsible for creating nearly seven out of ten new jobs in the United States.  If we are going to recover from this recession, small business will lead the way.

For these reasons, I recently introduced legislation requiring the Special Inspector General (SIG) of the Troubled Asset Relief Program (TARP), which oversees bailout spending, to examine how small businesses are being affected by this spending. It will also address issues facing smaller financial institutions who are left to compete with larger institutions who have received TARP funds.  The goal of this legislation is to level the playing field between those who have been bailed out, and the small businesses who have not.

All we ever seem to hear about in Washington is the concept of “too big to fail”.  The result has been billions of dollars for major banks and institutions, often at the expense of small businessmen and women across the country.  Simply put, we cannot afford to continue overlooking the entrepreneurs that take risks and create jobs every day.

I’ve been pressing for action to help small businesses since taking office and, just last week, the White House announced a proposal that would allow small business to access needed funds that have so far been available only to larger corporations. Make no mistake, we need an exit strategy from the revolving door of bailouts and continued government expansion into the private sector.  However, this development is encouraging in that it seems to recognize the importance of small business when it comes to an economic recovery.

As we continue working in Congress, I hope we can finally enact policies to strengthen small business, which will actually put Americans back to work and help families across our nation.

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3 responses to “If we are going to recover from this recession, small business will lead the way

  1. As a small business owner I appreciate your dedication to helping small business owners and stepping out of the BIG business spotlight.

  2. We have had three major instances where tax rate cuts have improved the economy and job creation. In the 1960’s with Kennedy’s plan to lower tax rates and “a rising tide will lift all boats”. In the 1980’s with Reagan and tax rate cuts, regulation reduction, and monetary policy changes. And, with Bush 43 and “across the board tax rate cuts” (but with an expiration date of 2010). All three worked and worked well for jobs and the economy. Most important small business saw that the changes were permanent and the future to them looked brighter as a result. Let us get back to what has worked and has a proven record – rather than the prop-up & bailout mentality.

  3. Gene Christensen

    I tried following my Congressman, Rep. Paulsen, on Twitter and made a comment to him on my feelings regarding health care medical liability reform. I have subsequently been blocked by my Congressman from following him on Twitter. Here is the exact text of what precipitated my being blocked by Rep. Paulsen:

    @Erik_Paulsen limit liability when we have universal single payer. Must maintain checks and balances when allowing profit motive to rule
    5:14 PM Jul 14th from web in reply to Erik_Paulsen

    Nice to be represented by such a tolerant open-minded person.

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