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Small Business Economy Provides Details of Struggling 2008 Economy

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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.

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									                            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

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