PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan Statement on Fast-Shrinking U.S. Economy and “Treacherous” Policies

By at 28 July, 2022, 9:34 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – In response to today’s GDP numbers reporting that the economy shrank by 0.9% in the second quarter – and the U.S. economy is officially in recession – Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement:

“Sadly, this recession was avoidable yet entirely predictable given policies and policy threats that are stoking uncertainty, depressed demand, vastly higher costs on everything, and shrinking business investment. Incredibly, through the latest ‘Build Back Manchin’ tax and spending bill, President Biden and Democrats in Congress will only supercharge the recession, making it harder for entrepreneurs to keep their businesses afloat.

“Not only that, the bill will vastly harm drug innovation and U.S. companies that are working hard to overcome supply chain, labor and inflationary challenges.  America’s entrepreneurs and small businesses need a massive overhaul in the direction of policy, but unfortunately they will not be getting that from their current political leaders driving the agenda. As Einstein noted, the definition of insanity is doing the same thing over and over and expecting different results.  At this point, we can only hope and pray that the politicians pushing this treacherous agenda will wake up and change course.”

CONTACT:

Karen Kerrigankkerrigan@sbecouncil.org

Ray Keatingrkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 28 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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