President Obama wasn’t kidding about the demolition of small business under the Bushit administration. This data derived from statistics kept by the National Association of Small Business Investment Companies pretty much says it all.
Look at that bottom right number, and as part of the “Shrinking pie” – it isn’t hard to discern whose shorts got hit the hardest.
Look at the bottom line – that was the shrinking percentage to Women and Minority owned businesses, down from 26% in 1998.
When you consider that only about 3% of the commercial Venture Capital money goes to women owned businesses, and .03% goes to black owned businesses – you begin to understand the “problem”.
The Bushit’s attack on Minority and Women owned businesses started shortly after he purloined office in 2001, with the very first budget –
President Bush’s budget outline cuts funding to the U.S. Small Business Administration by 43 percent, from $900 million to $540 million, and imposes a total of $168 million in new fees on small businesses seeking the agency’s loans and assistance.
A report by the Small Business Administration in 2005, detailed how the Bushits diverted over $800 billion in contracts over 5 years away from Minority Owned Businesses to the “Big 6” Government contractors. The damage to Small Business is estimated in the over $1 trillion range during the 8 years of Bushit hegemony.
According to an article by Loyd Chapman at the Huffington Post –
…the American Small Business League (ASBL) estimates that the Bush Administration diverted over $100 billion a year in federal small business contracts to large businesses.
In addition to diverting more than $800 billion in federal small business contracts to corporate giants, President Bush has attempted to systematically dismantle every federal program designed to assist small businesses including those firms owned by women, minorities and veterans.
For eight years, Bush Administration officials refused to implement a federal law establishing a 5 percent federal contracting goal for woman-owned firms. Bush officials at the SBA closed the office to assist veteran-owned firms and laid off the vast majority of staff designated to assist minority-owned firms.
Now undoubtedly the Republicans, and their symbiont black Porch Simians would like to turn the discussion to “black illegitimacy”, or “black crime” as being the “Issue” facing the black community – and I will admit those false canards have gained substantial traction in some quarters…
However, the driving force behind both crime and illegitimacy is poverty – and actively, and systematically destroying black enterprise as the Bushit Republicans did the last 8 years, certainly isn’t going to allow any of that “black success” to “trickle down” into the community.
So, as Republicans circle the wagons with their heads firmly planted up their nether parts trying to come up with a solution which doesn’t wind up with them being a minority regionalized party for the next 30-40 years, I have four words…
It’s the RACISM, Stupid!