The Economy
According to recent NFIB Small Business Economic Trends Surveys, many economic indicators--sales, plans for hiring and capital investments, and general economic confidence--are at or near all time lows. Bold action is needed to get the small business economy going again.
Small businesses play a major role in the American economy. They are the source of entrepreneurship and the engine for job creation. With the proper incentives small businesses can again play a vital role in any economy recovery. The proof is in the numbers – the American small business community:
- Represents 99 percent of all employer firms
- Employ about half of all private sector employees
- Generated 60 to 80 percent of net new jobs annually over the last decade
- Created more than half of nonfarm private gross domestic product (GDP)
The 111th Congress has been active on several agricultural and rural policy matters, particularly those relevant to small family farms. We firmly believe that the government can balance the needs of public safety with an appropriate level of regulation placed on small farms and food producers.
NFIB recently proposed to Congress a six-month payroll tax holiday as part of an economic stimulus package. NFIB was the first organization to propose the tax holiday and will continue to lead the effort in support of it on Capitol Hill.
Small business is the source of job creation, but economic growth will be stalled if Congress continues unchecked spending while increasing taxes and placing new mandates on America's job creators.