Small Businesses on 60 Minutes

Obama promised change.

It’s taking a lot longer than he thought. And the situation doesn’t seem to be improving south of the border.

As a small business that serves other local small businesses, the US economy (and this is a broad generalization isn’t it?) is sobering. Can I say, I absolutely love 60 Minutes? I hardly ever watch it on TV, but I do catch up with episodes online.

Some random information pulled from the following segment:

- Since June 2009 (the last 16 months or so) the United States has lost over 500,000 jobs
- 65% of all jobs in the United States are created by small businesses
- Bankruptcy of small businesses has tripled since the recession
- Despite record-low interest rates, banks are lending less money to the engines (small businesses) that create jobs
- Lending to small businesses declined in Q2 2010 by $13 billion (or 2%)

What can be done? Can it continue to be trusted to career politicians to figure it all out?