The President of the American Small Business League (ASBL) Lloyd Chapman was a featured guest on Fox's, America's Newsroom this morning regarding the Obama Administration and its failure to address the diversion of federal small business contracts to corporate giants.
In February of 2008, then Senator Obama stated, "98 percent of all American companies have fewer than 100 employees. Over half of all Americans work for a small business. Small businesses are the backbone of our nation's economy and we must protect this great resource. It is time to end the diversion of federal small business contracts to corporate giants."
Chapman maintains that President Obama has refused to address this problem, which has been responsible for the diversion up to $1 trillion in federal small business contracts to Fortune 500 corporations, their subsidiaries and hundreds of clearly large businesses during the Bush Administration.
Small businesses are a major engine for economic growth. According to the U.S. Census Bureau 98 percent of all businesses have less than 100 employees and those businesses create more than 97 percent of net new jobs. Given the state of our economy, it is not reasonable to allow billions of dollars in small business contracts to flow out of the hands of legitimate small businesses and into the hands of Fortune 500 corporations. Maybe it's time for President Obama and our nation's legislators to put more emphasis on America's small business community.