The Democratic nominee wants to boost startups – which are doing just fine – but what about the 6m existing firms?
Kamala Harris has announced initiatives to help small businesses in the US. It’s a smart – and welcome – move given that 46.4% of all private sector employees work for small businesses. I do worry, however, that she is targeting the wrong issues.
Among the vice-president’s proposals is to “cut down” on government bureaucracy, creating a “standard deduction” for small businesses and “making it easier” for businesses to get occupational licenses to operate across state lines. She wants to “suggest new steps” for more investments in rural businesses with an “expansion fund” that would make it easier for businesses in those areas to get access to capital. She also wants to mandate that “one-third” of federal contract dollars go to small businesses.
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