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Obama Promises Small Business, Local Government Aid

This morning, President Barack Obama addressed today’s positive jobs report and indicated that while the recovery is real, it remains fragile. In the statement,

Jul 31, 2020
This morning, President Barack Obama addressedtoday’s positive jobs reportand indicated that while the recovery is real, it remains fragile. In the statement, he addressed two weaknesses in the employment picture: small businesses, for whom credit remains frozenand which have not picked up hiring, and local governments, which might be poised for layoffs this summer.
In his statement, he announced that the White House passed a long-awaited but recently drafted proposal to encourage small-business hiring to Congress this morning. Additionally, he signaled that the White House might take action to help local governments considering job cuts due to budget shortfalls.
[We] still have more to do. In my State of the Union address, I called for a $30 billion small business lending fund, which would help increase the flow of credit to small companies that were hit hard by the decline in lending that followed the financial crisis. And obviously small businesses are a major source of job creation.
This morning, we sent draft legislation to Congress on this fund, which now includes a new state small business credit initiative. This state initiative, which was designed with the help of governors and members of both the House and the Senate, will help expand lending for small businesses and manufacturers at a time when budget shortfalls are leading states to cut back on vitally important lending programs.
In addition, with state and local governments facing huge budget gaps, we’re seeing layoffs of teachers, police officers, firefighters, and other essential public servants — which not only harms the economy, but also the community and the economy as a whole. So we are working with Congress to find ways to keep our teachers in the classrooms, the police officers on the beat, and firefighters on call.
Dexter Cooke

Dexter Cooke

Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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