Uncertainty over the Economy As Nation Celebrates Small Business Week (Sen. Olympia Snowe)
Tuesday, April 29th, 2008Sen. Olympia J. Snowe is ranking member of the Senate Committee on Small Business and Entrepreneurship.
As I travel throughout Maine and listen to constituents, it is clear that with a housing market in crisis, a job market in decline, and energy prices surging, the economy is the primary domestic issue facing our nation. While these challenging times are compelling us to explore new approaches to reinvigorate the economy, my experience as Ranking Member and former Chair of the Senate Committee on Small Business Entrepreneurship has led me to conclude that we must not lose sight of the critical role that small businesses will undoubtedly play in a recovery. Moreover, National Small Business Week, which we celebrated last week, provides us with a tremendous opportunity to consider additional ways we can assist small businesses to hasten our return to prosperity.
When many Americans hear the word “business,” they conjure up images of corporate towers housing thousands of workers. Yet it is small enterprises, which represent 99.7 percent of all employer firms nationwide, that truly drives our economy and creates new opportunities. Consider that in December 2007, the Small Business Administration’s (SBA) Office of Advocacy reported that small enterprises accounted for ALL of our nation’s net new jobs in 2004, the most recent year for which firm size data was available. In fact, while small firms gained a net 1.86 million new jobs in 2004, large firms with 500 or more employees actually experienced a net loss of 181,000 jobs. At a time when jobs are leaving and businesses are closing – can we really afford to not invest in our nation’s small businesses?
Regrettably, the answer, while obvious to any of the 232,000 people who have lost their jobs in the past three months, isn’t always evident to folks on Capitol Hill. That is why I have recently championed a number of measures that will help small businesses do what they do best — innovate and create jobs. Investing in our nation’s small businesses is a direct and responsible step we can take to reverse the current economic downturn that is creating numerous hardships for employers and workers throughout the country. Read the rest of this entry »

