The Small Business Administration (SBA) announced that 18.1 million new business applications have been filed since Biden took office, the largest boom in 25 years.
Read: The Republican Presumptive Nominee for President is A Convicted Felon
Small businesses are thriving under Biden
The SBA press release states:
Today, Administrator Isabel Casillas Guzmán, head of the US Small Business Administration (SBA) and President Biden's Cabinet voice for America's more than 33 million small businesses, issued a statement in response to President Biden's announcement that more than 18 million new business applications have been filed. introduced under the Biden-Harris administration.
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Since the start of the Biden-Harris administration, 18.1 million new business applications have been filed, with an average of 443,000 filed each month, 90% faster than pre-pandemic averages. President Biden's economy, already on record for the first, second and third strongest years in new business activity, remains on track for its fourth straight year of historic business filings. The U.S. economy has grown more under President Biden than it has at this point in any presidential administration in the past quarter-century.
There has been a historic increase in minority-owned businesses
Director of the National Economic Council Lael Brainard told PoliticusUSA.
For each of the past three years, small business has been at the center of the president's economic agenda from day one. The small business boom is fueling economic comeback stories in cities across America, creating new job opportunities and innovation, and bringing life to Main Streets.
Since the President took office, small businesses have added an average of 650,000 new jobs to our economy each quarter. We've also seen near-historic increases in minority-owned business ownership rates. Black business ownership has more than doubled since 2019, and Latino business ownership has increased nearly 40%. Black wealth increased 60% from pre-epidemic levels
Using government to reflect economic priorities
Government is a tool, and how that tool is applied and used reflects the priorities of the people who work for it. The Biden administration has made expanding economic opportunity one of its main economic goals. As evidenced by this and many other calls PoliticusUSA has participated in with administration officials, the White House is trying to spread a message about their economic achievements, but it is the job of a free press to inform the American people of the facts.
Biden is leading a small business boom in the United States, but the American people wouldn't know that if they only watched cable news and read the big corporate news media.
The economy is booming in many ways, but one of the political obstacles the president must face is a general misperception of his achievements.
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