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FBN’s Gerri Willis separates the facts from the fiction of Obama’s claims about the Administration’s support of small business.
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Well it was a heartwarming moment on the campaign trail this weekend when the -- got a big had.
A big from a restaurant owner in Florida.
Interesting and weird and wonderful -- the same time.
And the president made no bones about how helping small business owners has been a critical mission for -- administration.
In fact he's -- down -- effusive in his compliments.
We honor this drivers.
The dreamers the risk takers beyond open doors don't have always been the driving force behind our free enterprise system.
The greatest engine of growth and prosperity but the world's ever known.
It sounds really nice but what do small businesses need most -- need money.
And yet while the present -- getting loans to small businesses a top priority the reality is -- loans to small business have tanked.
That's according to the federal government total loans to businesses with less than one million dollars in sales are down 60%.
In just the two years and it in 2010 take a look at this chart it tells the entire story you go back to the recovery.
The loan value at 634.
Billion we should be -- recovery now -- -- 607 billion ridiculous.
Meanwhile the government's own long program has fallen short of expectations.
According to the Government Accountability Office Obama small business lending fund was expected alone -- thirty billion dollars.
But it fund in just 332.
Of its 935.
Applications.
At the end only four billion dollars was lent out.
Another claim of the president said he -- cut taxes eighteen times for small business.
He may be true but according to NFIB that's national federation for independent business -- tax counsel Chris Whitcomb says.
Much of the stuff -- small potatoes.
True there is a program to allow companies to write up 250000 dollars in investments on things like machinery and equipment.
But this is an extension of an existing program not anything new from the president.
And one that expires by the way at the end of the year.
Other -- -- well they're less exciting like look for the that the cell phone deduction.
That's nice but deducting the cost of yourself bumper business he used well it's not gonna save anybody a lot of money can't hiring new -- with Ed.
Now some of the tax breaks are simply more applicable to big business rather -- small -- ones like the tax loss carry forwards.
The big problem sets -- is that because so many of these breaks are temporary.
-- nothing small business operators can count on going forward.
It's no wonder small business optimism -- cratered this summer dive into the lowest level in nine months in July August was barely better.
Obama's clients about -- support of small business turn out to be just back claims.
These are the folks that need our support because they are the ones who hire and yes they did.
