"Over the past decade and a half, America's small businesses have created 65 percent of all new jobs in the country," Obama told about 150 employees in a warehouse at a storage business filled with rows of boxes three-stories high.
"These companies are the engine of job growth in America," he said. "They fuel our prosperity. And that's why they have to be at the forefront of our recovery." Judging by what the President says, one would think that small businesses should have been in the forefront of receiving bailout money. Wrong. Wall Streets big financial Institutions/Banks and Insurance Companies have received maximum bailout money. The bailout to the banks were meant so that, they could free up from bad debt, and start loaning money to small businesses again. Instead of the money rotating back to small businesses, the money stalled in the pockets of CEOs who took unheard of bonuses during this time of crisis. Insurance companies, although their unfair practices in charging people extra premium for even walking the wrong way, came out green from the bailout. While small business owners are worried about survival, the government has not done anything to address the sector, which drives the most jobs in our country. All these presidential debates are just becoming monotone, just tell the people what they want to hear, and then forget about them. There has to be a way for all small business owners to fight for their share of the bailout. Any ideas on where to start?
In a democracy such as ours, which is a representative democracy, the first step is for all small business owners to take ownership of their civic duties as a citizen. If you, as a small business owner, do not take the time or make the effort to keep yourself abreast of policies that affect you, your family, and your livelihood, then you as a small business owner have no right whatsoever to cry foul. The most basic and first step and most powerful way to demonstrate is to VOTE. YOU, as a citizen, as a small business person, HAVE the RIGHT to VOTE. I can guarantee, that more than half of those so called small business owners who cry foul when wall street banks and institutions get bailouts, do not take the effort to get civic minded and involved in issues and do not vote. Charity, my dear friends, starts at home.
ReplyDeleteDo you know why big wall street institutions get bailouts and we, as small business owners don't? It is because those institutions, for all their faults and wickedness, put their money and time where there mouth is. They take policy extremely seriously and are heavily involved in politics. Why? Because they have a lot to lose. So do we. Stop feeling sorry for ourselves, get involved locally and then nationally. If anyone has any questions as to how to get in touch with your State elected officials or Congressional delegations, email me @ mihir@parkregencycapital.com.
First, a member of the local small business community, whoever and wherever that may be, must take the responsibility to take on a concerted effort of phone calls and letter writing to their respective elected officials, in the case of bailout grievances, you state's US congressional delegation.
ReplyDeleteSecond, This effort, when and if undertaken, must be large in numbers and loud in its voice and tone.
Having spent most of my adult life working and involved in politics, I can assure you a congressinal office's constituent relations will not take a barage of letters and phone calls directed toward a particular piece of legislation lightly. You will be heard.
Third, in each and every state, do some research, take the time out, and find out which Senator and Congressman or Congresswoman voted FOR these horrendous, corrupt, unethical, and immoral wall street bailouts.
Finally, get YOUR lazy asses out to the polls in the next election cycle and vote these corrupt elected officials out of office.
That is how you tackle an issue which you find abhorrent. Not sit at home and blog on a computer or turn on the evening news and cry foul everytime you hear about the bailouts.
Mihir - I believe what you wrote is true. However I think a big issue is money. Wall Street and Insurance companies have the ability to donate and to substantially back lobbying efforts - while small businesses do not (especially when such a small percentage of them are politically active).
ReplyDeleteAmish- I find you're instant justification for the small business community's willfull lack of proactive engagement in civic matters an utter lack of understanding of political and business dynamics. You, as a successfull businesman yourself know very well, that most of us, small business people have the wherewithall and income to put money to back lobbyists. I would be remiss to say that, ma good 60 percent of South Asians who are engaged in the hospitality trade in the United States do not make at least a six figure income. What we do not have is clarity of thought, unison of purpose, and of course lack of hypocrisy. I'm not suggesting that the "small business" community put up the same amount in raw dollars behind policy issues. But some sort of UNITED intent. A national Political Action Committee could be formed. Funded by members of the affluent small business community. The problem is, that folks often would like to sit comfortably in their cozy offices and expect others to do their lobbying...for FREE. That's the South Asian credo. We both know that.
ReplyDeleteTo say that, Oh we dont have as much money as they do, hence we cant fight our cause is simply too naive an explanation for me.
Care to clarify?
I welcome your response.
Mihir - I was not justifying the small business community's lack of involvment, but merely was pointing out what an undoubtedly major issue is for the lack of impact- MONEY. While I do agree that there are very successfull small business owners in numerous industries and various races, I believe that the level of financial power is significantly less then Fortune 500 companies which are often playing with 'funny money'. Furthermore, during a downturn Small Businesses are affected even more which reduce the ability to contribute to political causes. I completely agree with you on the lack of unity and cohesiveness amongst the Small Business Community - and also believe this is a major factor in the lack of action. What would it take to form a national PAC on this? Can the SBA do more? All ideas are welcome - something needs to be done.
ReplyDeleteI agree with both of you - If we dont have money to lobby like Wall Street does, the lease we can do is make a conscious united effort to let our thoughts known. Rather than saying bail us out, come up with a concrete plan (step by step) to present to our State Reps and Senators as Mihir is suggesting. The question is, how many of us are willing to put in our time where we are not earning money? In essence it might be best for the greater cause, however the industry leaders have not been active in achieving this. We should defintely come up with a achievable plan and propose it.
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