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Accession Number PB2013-102656
Title Moving America's Small Businesses and Entrepreneurs Forward: Creating an Economy Built to Last.
Publication Date May 2012
Media Count 87p
Personal Author N/A
Abstract From Main Street shops to high-tech startups, Americas small businesses and entrepreneurs are the engine of our economy and one of our countrys greatest assets. Over the last two decades, small and new businesses have been responsible for creating 2 out of every 3 net new jobs, and today the countrys 28 million small firms employ 60 million Americans, half of the private sector workforce. When America's small businesses are strong and growing, our communities are strong and growing. President Obama understands that to create an economy built to lastone that ensures millions of hard working Americans have the opportunity to achieve the American Dreamwe must make sure that every entrepreneur and small business in America has the tools they need to grow. When President Obama took office in January 2009, the economy was in free-fall, losing over 800,000 jobs a month. In the fourth quarter of 2008 and the first quarter of 2009, the economy shrank at an average annual rate of 7.8%. Small businesses in particular were struggling under the weight of the worst economic crisis of our lifetime, weak consumer demand, and a credit crunch created by the Wall Street meltdown. From the moment he took office, President Obama has fought tirelessly to move our economy forward and invest in entrepreneurs and small businesses so they can do what they do besttake risks, develop new ideas, grow businesses, and create new jobs. To help them expand and hire, the President has signed a total of 18 tax cuts for small businesses, from greater expensing to the Presidents signature call to eliminate capital gains taxes on investments in small businesses. The President has also established two new small business lending funds and expanded Small Business Administration lending programs, which have hit an all-time record. The President also recognizes the vital role that innovative, fast-moving firms play in creating jobs and expanding the economy, which is why he signed into law the bipartisan JOBS Act to make it easier for growing firms to go public and raise capital. Its also why he signed into law the most significant reform of our patent system in 50 years with the bipartisan America Invests Act.
Keywords Economy
Private sector
Small business

Source Agency The White House Office
NTIS Subject Category 96 - Business & Economics
70D - Personnel Management, Labor Relations & Manpower Studies
92A - Job Training & Career Development
41D - Productivity
Corporate Author National Economic Council, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1305
Contract Number N/A

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