Economy lost more than 200,000 small businesses in recession, Census shows

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    Jul 29, 2012 5:57 AM GMT

    More than 200,000 small businesses vanished between early 2008 and 2010 -- a period covering the Great Recession and its immediate aftermath -- taking with them in excess of 3 million jobs, according to Census figures which illustrate the depth of the country's economic hole.

    Data is only available until 2010, but the U.S. Census Bureau stats reveal a startling slide for America's businesses. While the country boasted 5.14 million firms with up to 99 employees as of March 2008, that number dropped to 4.92 million by March 2010 - representing a loss of roughly 223,800 businesses and 3.1 million workers.

    The Obama administration notes that the trend has since reversed, and that the country has seen 28 consecutive months of private-sector job growth.
    But a recent slowdown in private-sector hiring has raised questions about the direction and strength of that recovery. And amid an escalating campaign trail battle about President Obama's recent remarks on businesses, a new poll shows American business owners are harboring serious doubts.

    The Gallup poll released Thursday showed business owners are among those with the most negative views of the Obama administration. The national poll showed just 35 percent of them approve of Obama's job performance, while 59 percent disapprove. Among all workers, participants in the survey were split 47-47 percent.
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    Jul 29, 2012 6:04 AM GMT
    And more here:

    With nearly 13 million unemployed, the Senate passed a big tax increase on more than a million small businesses. Per Obama's instructions, 51 Democratic senators would kill over 700,000 jobs.

    Democrats are now on record espousing a curious election-year economic policy:

    • Kill 710,000 jobs.

    • Shrink real after-tax wages by nearly 2%.

    • Lessen the nation's long-run economic output by $200 billion, or 1.3%.

    • Reduce the private sector's capital stock by 1.4% and long-term investment by 2.4%.

    These numbers come from an Ernst & Young study this month using the firm's U.S. economic model.

    The Democrat-controlled Senate passed this by a 51-48 margin Wednesday, voting to raise marginal income-tax rates from 33% to 36% for individuals making more than $200,000 and from 35% to 39.6% for couples making more than $250,000, some 2.5 million households.