By Mai Lee
June 22, 2011
The American Small Business League released a statement on June 21st criticizing the Obama Administration about their failure to implement economic policies to help small businesses succeed. In fact, the US Census Bureau indicates that over 90% of all new jobs in America come from small businesses.
The Kauffman Foundation compiled a study that proved that, since 1980, small businesses that were less than 5 years old have created more jobs than any other type of business. The ASBL found that, in 2009, small businesses only received about 3% of the Obama Administration’s economic stimulus for businesses.
Lloyd Chapman, President of ASBL, said that it isn’t a surprise that unemployment has skyrocketed from 7.6% to 9.1% since Obama was elected. Chapman charged that the Administration is diverting small business funding to the larger corporations throughout the world.
A series of federal investigations, going all the way back to 2003, found that billions in federal small business contract dollars have been diverted to corporate giants. The Inspector General of the Small Business Administration, in Report 5-15, referred to the problem as a major challenge that the entire federal government is facing today.
The Obama Administration’s most recent data concerning their “small business” list includes numerous large corporations such as AT&T, GE, Northrop Grumman, 3M Company, Raytheon, Dell, Xerox, Hewlett-Packard, Lockheed Martin and Boeing. These and numerous foreign corporations have received billions of dollars in small business contracts related to the federal government. Some of these foreign corporations include Ssangyong Co., Rolls-Royce and British Aerospace Engineering.