Jobs Bill Relies on Spending, Not Small Biz
Jan 4th, 2010 | By Dawn Rivers Baker | Category: EconomyOver the whole of 2009, we have heard quite a lot about how members of Congress know that small businesses are “the engine of the economy” and “the key to economic recovery.” We have also watched while a lot of the legislative activity throughout the year did not seem to match the rhetoric. We can expect much the same sort of thing to happen with the so-called Jobs for Main Street Act of 2010, which was passed by the House in mid-December but was not addressed by the Senate prior to recess.
The purpose of the bill is supposed to be the stimulation of a resumption of job creation. And, as everybody in Congress is fond of reminding us, small businesses create most of the net new jobs in the U.S. economy. All of which is why it seems a bit uncanny that there is very little, if anything, in the proposal passed by the House that directly benefits the majority of the nation’s small businesses. In general, its ARRA 2, The Sequel, with infrastructure spending, aid to states (mostly for public employees), and extensions and expansions of social safety net programs. There is a provision to help with small business lending, while the President’s proposals relies more heavily on tax breaks. But, unless you’re in a sector with lots of capital requirements, don’t expect much that will specifically help your microbusiness.
