The American Small Business League (ASBL) says that the current administration has failed to substantially aid small businesses or cut unemployment.
The group points out that the small businesses create more than 90% of net new jobs, are responsible for 50% of the gross domestic product, 50.2% of the private sector workforce, and 90% of exports and innovations. "It is unreasonable for the Obama Administration to spend more than $1.6 trillion on economic stimulus, while failing to make small businesses a priority," the group says.
"You don't have to be a Nobel Prize winning economist to figure this out. Small businesses are the nation's chief job creators, and the most effective way to create jobs is to send federal spending their way," ASBL President Lloyd Chapman said. "There is one major bill that would accomplish that goal, the Fairness and Transparency in Contracting Act. It is time for President Obama to keep his promise to end the diversion of federal small business contracts to corporate giants by passing this legislation."
The group points out that "every year, billions of dollars in federal contracts intended for small businesses, are diverted to Fortune 500 firms and other large businesses. Ending this abuse, would invigorate the nation's 27 million small businesses, supercharge job creation, and slash America's growing deficit."
If the contracts were instead sent to small businesses, ASBL has estimated that more than $200 billion a year woul go to the nations middle class, save thousands of businesses every year and create more than 1.8 million jobs.
