Economy Lost More Than 200,000 Small Businesses In Recession
Everyone knows that the recession was bad, so bad that some have deemed it “The Great Recession”, and even “The Great Repression”, defining it as a repressed depression. To better feeling for exactly how bad the recession was, a new sobering statistic from the Census was released finding that the US economy lost some 200,000 small business as a result. That equates to a loss of 3 million workers! As usual, this will not stand and come election day Americans will have to choose if they feel that the country is on the correct current path to repair that damage or if something new is needed. Fox News continues, “More than 200,000 small businesses vanished between early 2008 and 2010 -- a period covering the Great Recession and its immediate aftermath -- taking with them in excess of 3 million jobs, according to Census figures which illustrate the depth of the country's economic hole.
Data is only available until 2010, but the U.S. Census Bureau stats reveal a startling slide for America's businesses. While the country boasted 5.14 million firms with up to 99 employees as of March 2008, that number dropped to 4.92 million by March 2010 - representing a loss of roughly 223,800 businesses and 3.1 million workers. The Obama administration notes that the trend has since reversed, and that the country has seen 28 consecutive months of private-sector job growth. But a recent slowdown in private-sector hiring has raised questions about the direction and strength of that recovery. And amid an escalating campaign trail battle about President Obama's recent remarks on businesses, a new poll shows American business owners are harboring serious doubts. The Gallup poll released Thursday showed business owners are among those with the most negative views of the Obama administration. The national poll showed just 35 percent of them approve of Obama's job performance, while 59 percent disapprove. Among all workers, participants in the survey were split 47-47 percent…”
Source - Fox News