Record Small Business Applications Show Promise For Economy And Biden-Harris Legislative Accomplishments
By: Rhett Buttle (Forbes)
S E E D E D C O N T E N T
Over 10.5 million small businesses have been formed since 2021, the highest recorded amount during a ... [+] two-year period on record
Over 10.5 million small businesses have been formed since 2021, the highest recorded amount during a two-year period on record, according to Census Bureau data released today.
Since taking office at the height of the Covid-19 pandemic, an unprecedented time of economic uncertainty, the Biden-Harris administration has secured an impressive set of legislative victories including the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act. The implementation of these smart investments in infrastructure, manufacturing, and research and development, combined with strong job creation, low unemployment, and signs that inflation is slowing has many folks seeing reasons to be optimistic about the direction of our economy.
"When President Biden took office, hundreds of thousands of businesses were fighting to stay open. The historic investment in economic recovery enabled Americans to start new businesses and jobs at record-breaking levels, a trend that continues today," said U.S. Small Business Administrator Isabella Casillas Guzman.
This week, as the leaders of large businesses gather in Davos to discuss the state of the world and economy, new research shows strong public support for business to play a large role in solving our society's challenges. And while large companies have expressed some concern about the future of the economy, today's news shows that small business owners and entrepreneurs might not always agree with the big guys and are leading the way to recovery.
President Biden highlighted this surge in Main Street entrepreneurialism, a sure sign of American optimism, in a statement, saying "Small businesses are the engines of our economy and the hearts of our communities. We learned today that my first two years in office have been the two greatest years for new small business applications on record, with more than 10 million total new businesses created. It's the latest confirmation that my economic plan is working to build our economy from the bottom up and middle out."
The Biden-Harris Administration is working to support those nascent small businesses by increasing federal support programs that provide training and technical assistance, expanding access to capital, and investing in support for hard-to-reach entrepreneurs through programs like the Community Navigator Program.
The debate about the impact of the Biden-Harris Administration's policy agenda on the economy will go on. It's fair to say that even though it's been coming down over the last few months, inflation does still present challenges for many businesses. However, unemployment is at a record low, we have strong job creation numbers and now these strong small business formation numbers. Much of this gives the Administration a strong argument that they are working to rebuild the economy by supporting small business as the catalyst for economic growth.
Of course, the work is not done and this recently elected Congress should work in a bipartisan way with the Biden-Harris Administration to support our nation's job creators so that they can continue to innovate, grow and help lead us to better days ahead.
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www.whitehouse.gov /briefing-room/statements-releases/2023/01/17/statement-from-president-joe-biden-on-record-setting-small-business-applications/
Statement from President Joe Biden on Record-Setting Small Business Applications | The White House
The White House 2-2 minutes 1/17/2023
Small businesses are the engines of our economy and the hearts of our communities. We learned today that my first two years in office have been the two greatest years for new small business applications on record, with more than 10 million total new businesses created. It’s the latest confirmation that my economic plan is working to build our economy from the bottom up and middle out.
With unemployment at a record low and the two strongest years of job creation in our history, there are reasons for economic optimism all across our country.
Rebuilding our infrastructure and supply chains here at home will help our small businesses strive for decades ahead. My law to help crack down on big corporations who are cheating on their taxes will also help level the playing field for our small businesses, which is part of why it has been so disappointing to see House Republicans make protecting wealthy tax cheats their top legislative priority.
I will continue to work with anybody from either party, in Congress or in the states, to implement my economic agenda and build our economy from the bottom up and middle out. And I am convinced America’s best days are ahead.
In your mind, how does cracking down on big corporations help level the playing field for small businesses? That doesn't make sense. Just because the big guys MAY end up paying more, how does that help mom and pop?
Strive for decades? Another typo on the teleprompter?
Thanks in advance,
If this were a Republican administration you would be praising the record breaking small business applications.
No I wouldn't for the very same reasons I laid out here. And I didn't really praise Trump for the growth while he was in office, as you say, Obama "started" it and all of the jobs lost STILL hadn't come back if memory serves until Trump took advantage.
And I think he meant 'thrive" not strive.
It was just a matter of time. The momentum had started, not even Trump could stop the job growth quickly enough. Though by the end of his administration he not only stopped it, he reversed it.
He wasn't trying to stop it FFS. Where DO you people come up with this shit. COVID stopped it.
SMMFH
Have you forgotten how bad it was two and a half years ago? The market crashed, jobless claims soared and businesses were failing. No wonder Trump got his ass whooped so badly!
Biden and the Democrats turned things around in two years!
Current inflation is negligible, unemployment is negligible, wages are growing, business is booming and the stock market is up. Can the gop not acknowledge these truths?
Is everything bad and getting worse in the gop's bubble?
Because, things are obviously getting better in all reality...
Seems someone else here forgot about the pandemic..................................................
Do to which policies and laws? Do you mean the worldwide short crash from late Feb 2020 to early April 2020 after growing instability due to the COVID-19 pandemic?
For that year, our market ended 2020 at all-time highs, and the S&P 500-stock index, finished the year up more than 16 percent.
They seem to have collective amnesia. Trump didn't wreck the economy, and Biden hasn't done anything to make it better.
Prices at the grocery store have not come down a bit, and gas prices have gone back up in Denver due to the local refinery be closed for supposed "maintenance" because of the recent cold snap
We also have "eggflation" because the Dems passed a law that all eggs sold here have to be cage free by a certain date, when flocks of laying hens have been decimated by the avian flu.
Sorry, but trying to put lipstick on the pig a the current POTUS is not working.
So what are the republicans planning on doing for these things?
Where did I claim he WANTED to stop it? Fact is that it did stop, and reverse, during his administration.
WRONG!!
Trump's absolutely horrendous mishandling of COVID is what stopped it.
Oh bullshit. No one, but NO ONE could stop that shit....................It never should have gotten out of China.
Did you not type this?
All Trump did was get a vaccine out in record time, and you never say how he mishandled it.
It didn't get better with Biden in charge, when schools were closed, when many small businesses were closed because of Democrat mandates.
Businesses large and small have recovered primarily because Covid has diminished, not by anything Biden has done.
This chart shows month to month inflation for the past few years. Notice how the month to month inflation for the second half of 2022 ( the dark red bar) was way down from what it was prior to that.
Except the 1st company to release the vaccine didn't have anything to do with Operation Warp Speed. Does that mean Trump's Operation Warp Speed slowed down the others?
GAO found that OWS and vaccine companies adopted several strategies to accelerate vaccine development and mitigate risk
Topline inflation that remains more than three times the Federal Reserve’s target rate.
So? Doesn't address the question you quoted.
The GAO found acceleration not a slow down. Read the report if you like.
All it means is that they had the resources to accelerate without federal help. It isn't like they didn't take money later.
Operation Warp Speed was designed to produce the vaccine quicker. What does it mean when the only major company, not on Warp Speed, is the one to develop it quickest?
Did you read?
They didn't need the monetary help to speed forward and they knew they would get a LOT of money on the back end. Do I need to type it slower?
One thing it means is that without OWS, there would have been less doses available in 2021.
It also might have represented a single point of failure depending on only one company.
BTW, which company was first with FDA approval?
Wasn’t Pfizer the first COVID vaccine FDA approved?
Didn’t OWS agree to buy at least $1.95 billion worth of a Pfizer vaccine, at least 100 million doses, if it got FDA approval?
Did that comment influence Pfizer to continue investing and going as fast as the could?
Did Pfizer spokesperson Sharon Castillo provided a statement that said the company was part of Operation Warp Speed.
Will Ozzwald admit to his mistake?
Guess not.
Trump mishandled Covid?
Where the fuck have you been for the past two damn years for Brandon the Human Fuck Up Machine's handling of Covid? Remember when Brandon promised to "End Covid"; the only thing he has done is watched as more people have died from Covid under his watch. That is with 3 vaccines that Trump pushed through the red tape on; and actual medicines that actually fight Covid once contracted at his disposal. Something Trump didn't have!
We are quickly headed for round 3 of Covid outbreaks (2nd and 3rd outbreaks are under Brandon's watch)- as the new strain from China makes it's way here. Brandon is doing jack shit of nothing to stop it. He put a travel ban on anyone coming to the US from China; but all they have to do is walk across our wide open southern border with the thousands of other illegals heading here. Pandemic spreads to the US once more.
Hold Brandon to the same damn standards as you do Trump!
They'll come up with anything as long as they feel it suits their agendas.
Some folks would rather chew on a mouthful of maggots than admit to conservatives that they could be wrong.
The myth that corporations are not paying their "fair share" of taxes persists. They pay the taxes due according to current applicable law.
If there was whole scale cheating going on, it would be headline news and would be repeated here on a daily basis. If the IRS is satisfied with what taxes corporations end up paying, then the critics should just STFU
If taxes are raised on corporations and their cost of doing business increases, these costs will be added to the prices they charge and passed down the line to the ultimate consumer.
Is that the Dems want?
Yet another of the thousands of reasons we dont need the previous administration back.
How many of the small business applications were restart after closing their doors going out of business during the pandemic Reminiscent of the Obama claims of "creating" jobs after so many were lost in the recession and were just coming back.
Kudos Mr. Biden but methinks thou dost assume too much credit.
There is probably some similarity to 2017-18 when Trump came in and took ALL the credit for job creation even though the trend was well under way under Obama. Trump claimed that HE created the best US economy ever (which wasnt true) even though the improvement after the 2008-2009 crash had been developed by the Obama administration.
No president creates an economy on their own, it is always a process over years. So soon it will be Bidens turn to brag.
Biden is way ahead of you and has already been bragging for over a year on job growth (while labor participation rate remains low), deficit reduction (apparently we no longer require the COVID supplemental funding) and inflation reduction (overall inflation for 2022 increased by 6.5%, far exceeding average wage growth, and core inflation rose last month, service prices grew at their fastest rate in 40 years).
I also wonder how many of these small business's are due to people who lost their jobs during the Covid shutdowns and rather than risk getting back into a high-stress job where they are at risk of catching Covid and bringing it home decided to start their own home business? All we really see in this article is that politicians will take credit for anything good regardless of how much their actions actually made any of it possible.
It doesn't look all that rosy for big businesses.
That big business in your link over invested in the 'Cloud' and have only themselves to blame.
Exactly, the inability to predict future demand displays complete ignorance.