Administration’s Plan For Small Business: Lump of Coal Wrapped in Ribbons of Empty Rhetoric
In 2008 Candidate Obama promised to help small business.
“MAIN STREET NEEDS RELIEF AND YOU NEED IT NOW.”- Candidate Obama, October 10, 2008
As I said in a recent WSJ article, small businesses need help this month and they needed help last month. The response from the Administration and Congress has been pathetic. Congress and the Administration have actually managed to reduce loan value dramatically in the face of the worst recession this nation has seen since the 1930’s.
The SBA has guaranteed a paltry 50,000 loans to the nation’s 29 million small businesses – that’s .0017; loan volume is down 36% than under the Bush Administration.
In the summer, the White House promised new progress “in the fall”. Fall has passed and now the President and Congress are promising new programs next year. If they wait two or three more years when the recession is over, they can claim victory. If they wait any longer hundreds of thousands of small businesses will cease operations.
SO WHERE’S THE BEEF?