Small Businesses Fueling Economic Recovery

Online, May 10, 2010 (Newswire.com) - It is widely expected by economists and policy analysts that over one-million small businesses will add new positions in coming months - taking advantage of a newly established $5,000 federal tax credit. This is a continuation of a run of good results for an administration that promised change - and the record number of unemployed U.S. workers are hoping the trend continues.

• The U.S. economy gained 162,000 jobs in March, more than any other month in the last three years, according to a Department of Labor report released this past Friday.

• Job gains for the January and February jobs growth reports were revised sharply upward - adding a combined 62,000 additional jobs.

• This is the third such increase in job creation over the past five months.

President Obama, speaking in Charlotte, N.C., said that the Labor Department report was yet another sign that the economy is improving and that the economic stimulus legislation passed a year ago was having a positive effect. "Government can't reverse the toll of this recession overnight, and government on its own can't replace the 8 million jobs that have been lost," he said. "The true engine of job growth in this country has always been the private sector. What government can do is create the conditions...for companies to hire again." Obama added that Americans are still suffering from the job losses of the last two years, was optimistic that, despite the damage done to the labor market during the recession, the economy is poised to start adding the jobs people need. He asserted that " ... the worst of the storm is over; that brighter days are still ahead."

Recession weary and unemployed U.S. workers and business owners hope that he is right. While small business loans may be a useful short-term fix to help applicants survive the job-hunt and emerge with new positions, ultimately the best solution is a strong economy and full employment.

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