Investing In Small Business Is Key To Long Term Job Creation

Congresswoman Yvette D. Clarke released the following statement after the Bureau of Labor Statistics issued the job report for August indicating that the unemployment rate increased to 9.6 percent:

“While I am happy to see that the private sector created 67,000 jobs, overall our nation lost 175,000 jobs. According to the Bureau of Labor Statistics for August, this lost was reflected in the loss of 114,000 temporary workers for the Census 2010, contributing to the 9.6 percent unemployment rate,” said Rep. Clarke.

Recent data shows that New York State’s unemployment rate sits at 8.2 percent while New York City’s unemployment rates sits at 9.9 percent.

“Unfortunately, the unemployment rate among African Americans and Latinos sits at 16.3 percent and 12 percent, far above the national average. It is clear that these hard economic times are having a disproportionate impact on these communities,” stated Rep. Clarke.

“Now more than ever, our nation needs further investment in our economic infrastructure, particularly our small businesses. As the sole Congressional Black Caucus member on the House Small Business Committee, I understand the vital role small businesses play in spurring long term growth in our economy,” added Rep. Clarke.

Small businesses represent 99.7 percent of all employer firms, employ about half of all private sector employees, pay nearly 45 percent of the U.S. private payroll, and are responsible for more than half of non-farm private GDP.

“Unfortunately, Senate Republicans have blocked critical legislation that would help restore the flow of credit to enable small businesses to expand and hire new workers. It is imperative that we provide small businesses with the resources they need to bring our economy from the brink. It is important that Senate Republicans put away partisan politics, and work together with President Obama and my Democratic colleagues to help our nation’s small business create the job growth that we need,” declared Rep. Yvette D. Clarke.

“In addition to focusing on small businesses as we move forward, we also need to look far into the future and begin making decisions that will lay the economic foundation for generations to come. We need to invest in the future. We need to invest in our national public goods such as infrastructure so that we can create assets Americans can use far into the future. We also need to invest in American human capital, funding education and healthcare initiatives to help create a skilled, smart and healthy workforce to compete in the 21st century economy. A large part of the benefits from these investments will accrue to the benefit of small businesses, resulting in small business growth, which is appropriate since small businesses are the engine of our economy!” concluded Congresswoman Clarke.

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