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More job loss, less hope for small business
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"The Labor Department says new jobless claims rose by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000 claims, according to Thomson Reuters."
The above quote comes from the Associated Press this morning. Couple that with Warren Buffet's comment below, heard on CNBC this morning, and it is clear that our economic tsunami is worsening.
"In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet," he told Becky Quick.
As you ponder these two facts, please consider these points as well-
- Congress is about to embark on an extended July 4th break, and a total recess for August.
- President Obama is pitching a national health care program at a time when joblessness, homelessness, and hunger are rising in our country.
- The much anticipated ARC loans announced by the SBA to help small businesses, have thus far been a failure. In a nationwide poll conducted by my company, Powerfeedback, when we asked SBA approved lenders about "ARC", the most common response we received was: "No one knows exactly how ARC will work since it is so new." This is extremely troubling as it took the Small Business Administration forever to actually launch this program!
When will the President and Congress get it? The so-called stimulus plans, which were faulty from the beginning, are not working. Small businesses and average Americans are dying. As I have written about previously on many occasions, small business creates nearly every new job in America. When will President Obama and Congress offer real help to those who will actually create jobs in America?
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