VIEWS: 2 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 6/18/2010
The Small Business Economy 2009 is the most recent in a 28-year-long series of annual reports to the President on the condition of American small businesses. Released recently and produced by the Office of Advocacy, it is intended to inform policymakers of the state of small businesses in America. Since the mid-1990s, small businesses have accounted for 64% of net new employment. Although many positive signs have indicated that the economy is beginning to improve and recover, at the end of 2008 America was experiencing one of the largest quarterly drops in GDP since the Great Depression. Small businesses have been the key to economic recovery in the past, and likely will be in this recession. With the focus of the economy shifting out of the financial and housing sectors, and toward health care and green energy, innovative entrepreneurs have great opportunities, while established small businesses have a chance to grow.
The Small Business Advocate Advocacy: the voice of small business in government August-September 2009 Vol. 28, No. 7 Small Business Economy Provides Details of Struggling 2008 Economy by Myles MacDonald, Office of Advocacy Intern The Small Business Economy 2009 Although many positive signs is the most recent in a 28-year-long have indicated that the economy is In This Issue series of annual reports to the Presi- beginning to improve and recover, dent on the condition of American at the end of 2008 America was The Small Business Economy small businesses . Released recently experiencing one of the largest Published . . . . . . . . . . . . . . . . .1 and produced by the Office of quarterly drops in GDP since the Advocacy, it is intended to inform Great Depression . The housing Advocacy Interns Expand policymakers of the state of small market had tanked, while the over- Summer Staff . . . . . . . . . . . . . .7 businesses in America . exposed financial sector narrowly Since the mid-1990s, small busi- avoided collapse . By the end of the Special Insert: Small Business nesses have accounted for 64 per- year, financial institutions world- FAQ . . . . . . . . . . . . . . . . . . . 5-6 cent of net new employment . Each wide were struggling, and the sud- year they account for approximate- den plunge in available credit and Message from the ly half of the nation’s private, non- household wealth had pulled the Acting Chief Counsel farm GDP and half of private sector broad economy down . The reces- employment . Small businesses are sion began with plummeting home Advocacy Focuses on Finance 3 more innovative than large ones, values, and the construction indus- acquiring, on average, more valu- try, composed primarily of small Regulatory News able patents at a higher rate . businesses, has been the hardest hit. Continued on page 4 Advocacy Works with Department of Education . . . . .4 Tax News Roundtable Examines Pension
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