Over the weekend, I joined President Obama and millions of Americans, who participated in the second annual Small Business Saturday. I visited several stores in the neighborhood where I grew up in Chicago, including Chant, Freehling Pot and Pan, and 57th St. Books.
I got a head start on my holiday shopping, and I was able to support the small businesses that are the backbone of my neighborhood and the economic engine of our country. In neighborhoods all across America, small businesses are creating two out of three of our new jobs. Their owners and employees are our neighbors, our family members, and our friends. They give back to our communities each and every day.
I am proud to be part of an Administration that supports small businesses every single day of the year. Since taking office, President Obama has signed into law 18 tax cuts for small businesses. He has helped create partnerships such as Startup America to help our nation’s entrepreneurs succeed. He has also taken executive action to speed payments to small businesses as part of the We Can’t Wait initiative.
As we face the effects of an unprecedented economic crisis, and the deep recession that followed, President Obama understands the size and scope of the challenges that small business owners still face. That is why the American Jobs Act included new rounds of tax cuts for small businesses. It is also one of the reasons President Obama is urging Congress to pass a payroll tax cut that would give the average American family $1,500 more to spend next year.
There’s no question that our country continues to face enormous challenges. But Small Business Saturday was a reminder that if we each do our part, we will overcome our challenges. As the President put it, “Through events such as Small Business Saturday, we keep our local economies strong and help maintain an American economy that can compete and win in the 21st century.”