Despite the “irrational exuberance” on Wall Street, small businesses are failing at an unprecedented rate. Equifax, the credit-reporting agency, reports U.S. small business bankruptcy rates soared 81 percent in June 2009 compared with June 2008. More than 10,000 small businesses closed their doors, unable to withstand continued assault on a number of fronts.
Join me today as I interview the former Assistant US Secretary of Labor, Al Angrisani. He talks about why this dangerous trend exists and what we can do about it. We will discuss the three main issues that are threatening small business survival in the current environment:
1. Washington’s blind spot for free enterprise solutions to the recession, effectively overlooking small business assistance in the stimulus bill.
2. Small businesses are experiencing rising state and local taxes to fund state revenue shortfalls and are anticipating a federal tax increase in 2010 or 2011.
3. Rising employee costs in the form of minimum wage increases and added health care costs.
I plan to confront him about what we can do regarding the power that lobbyists and labor unions have in the legislative process. Who better to answer this question than a former cabinet member!
Listen to the show any time after 4pm today, Monday, November 2, 2009 at: www.smallbusinesshour.com
Have a great week!