“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 at a storage business’s warehouse on the outskirts of Washington.
“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.’’
The shift in focus comes amid outrage over record payouts to financial executives, some of whom work at firms that needed Washington to bail them out with billions of taxpayer dollars last year. Obama officials called the bonuses “offensive’’ and instead sought to convince the country that Obama’s administration was interested in everyday Americans’ struggles, not just the problems of those on Wall Street.
Yesterday, Obama pitched his plan as a way to create jobs and change day-to-day life.
“These entrepreneurial pioneers embody the spirit of possibility, the tireless work ethic, and the simple hope for something better that lies at the heart of the American ideal. And they have always formed the backbone of the American economy,’’ he said.
The president called on lawmakers on Capitol Hill to increase the maximum size of loans small businesses can receive. The administration’s plan would also provide infusions of money to small banks at low rates, provided they agree to increase lending to small businesses.
