Small businesses are the lifeblood of the U.S. economy, just as they are the lifeblood of Nassau County and Long Island. The growth of our economy depends upon the growth of small businesses and the creation of new ones--they are the primary source of job creation in the United States. The U.S. Small Business Administration Office of Advocacy stated the following in their March 3rd, 2010 press release: "Over a recent 15-year period, small businesses created some 65 percent of the net new jobs in the private sector, according to conservative estimates cited in a new report from the SBA Office of Advocacy. In An Analysis of Small Business and Jobs, Advocacy economist Brian Headd notes that many of the new jobs are in new business startups, but an even larger share are in expanding firms of all sizes--particularly mid-sized firms with 20-499 employees." Small businesses, if given the support they need, will lead us out of this recession like they did in both the recessions in the early 1980s and the early 1990s.
The $1 Trillion dollar "Stimulus' passed by the Obama administration did nothing to help the middle-class private sector--the moms and pops, "Main Street USA'- streets like Atlantic Avenue in my hometown of Lynbrook. The "Stimulus' bailed-out Wall Street firms and Big Banks as smaller businesses continued to fail. Without specific legislation aimed at providing tax relief and incentives to small businesses, how could they survive? The small businesses that did survive remain reluctant to hire, paralyzed by fears of recently passed healthcare legislation and the possibility of new energy policies. Will they be able to meet the demands of the new mandates? Since the passage of the "Stimulus' more and more people in the United States find themselves unemployed. Now, our unemployment rate looms in the double digits and many Americans have lost their optimism regarding the overall recovery of the economy. The good People of District 4 were not immune to the recession and as our "Main Streets" suffered, where was Carolyn McCarthy?
Starting a small business has become much more difficult. Due to recent financial reform, new small businesses do not have easy access to the credit they need to start up. As respected economist Milton Ezrati stated, in regards to the financial reform, "Why would a bank want to accumulate assets--that is, make loans--if the system is going to punish it for getting too big?" Smaller banks may not have the resources to meet all the new regulatory guidelines and therefore are reluctant to lend.
But there is one industry that has had job growth--the Federal Government. According to Rep. John Boehner, "Since February 2009, our economy has lost roughly 3 million private sector jobs while the federal government has grown by more than 400,000 jobs." The government continues to get larger and larger and, at times, it appears their goal is to crowd out the wonderful Entrepreneurial Spirit that has made this the greatest Country in the world. I believe that regardless of how hard the Obama administration tries, they cannot legislate away the American Dream.
As a small business owner, I am very familiar with the daily struggles and successes of small businesses. I have had many sleepless nights, not only worried about the well being of my family, but the well being of my employees who depend on the survival of my business just as much as I do. Due to my experience, I know what small businesses need to start and to survive. As a certified financial planner, I help people every day manage their finances and map their futures. When I sit down with a client for the first time, we do a budget and a cash flow analysis. That's precisely what is needed in Congress. Washington needs a lesson in financial planning. It requires a person like myself who teaches people financial discipline and helps them create for themselves a more secure financial future.
As Ronald Reagan used to say, "The government isn't the solution, the government is the problem." We need the government to get out of the way so the free enterprise system can do what it does best: innovate and expand the economy. Based upon these principles, I have created a FIVE POINT PLAN to CREATE JOBS and RESTORE THE AMERICAN DREAM for our generation, and for generations to come. We need to renew the entrepreneurial spirit of this country, which in the past has made us the economic powerhouse of the world, and has created the standard of living we used to enjoy until big government got in the way.
Carolyn McCarthy has failed us when we needed her most. She stopped listening to her People--the argument could be made that she also stopped caring. She continued to vote consistently (97-98% of the time) with the whims of Nancy Pelosi and Barack Obama as the "Main Streets" in her district suffered. We need someone in Congress who will only be in service to the People, not to leaders like Nancy Pelosi. I am that man. It's time to go, Ms. McCarthy.