According to a statement released Tuesday by President Joe Biden, applications to federal authorities for what is apparently recognition of a new small business surged to their highest two-year level ever in 2021 and 2022.
Biden’s statement didn’t specify the point in 2021 at which tabulation began, although he was obviously president for over 11 months of that year. The surge suggests a sense among Americans that economic opportunities are expanding, as Biden and his team have engaged in steps to both bring down costs — like for fuel and shipping — and help Americans deal with the threat of high expenses. Help in the latter category includes tax benefits included in the Inflation Reduction Act for clean energy like solar power. The benefits also support increasing energy efficiency in buildings and using electric vehicles, in addition to manufacturing equipment used in clean energy in the U.S. December numbers on inflation from the Labor Department also showed positive signs, including a 0.1 percent drop in the overall figure representing price changes from the prior month, a number on which a lot weighs.
“Small businesses are the engines of our economy and the hearts of our communities,” prepared remarks from Biden said on Tuesday. “We learned today that my first two years in office have been the two greatest years for new small business applications on record, with more than 10 million total new businesses created… Rebuilding our infrastructure and supply chains here at home will help our small businesses strive for decades ahead. My law to help crack down on big corporations who are cheating on their taxes will also help level the playing field for our small businesses, which is part of why it has been so disappointing to see House Republicans make protecting wealthy tax cheats their top legislative priority.”
The legislative initiatives Biden referenced, which he has repeatedly denounced and indicated he’d veto, include a bill the new Republican majority in the House passed that would undo tens of billions in additional funding set aside for the IRS — money that would help the agency pursue wealthy Americans evading taxes. The bill has no chance of passing the Senate, where Democrats still hold the majority.
Federal Labor Secretary Marty Walsh also touted the numbers for new small business applications in a recent post on Twitter. “FACT: We ended 2022 on track to see the most small business applications on record in any two-year period,” Walsh said on January 10. “+4.6 million applied to start a business, putting 2021-2022 on track to be the best two-year period for small business applications.”
FACT: We ended 2022 on track to see the most small business applications on record in any two-year period.
+4.6 million applied to start a business, putting 2021-2022 on track to be the best two-year period for small business applications.
— Secretary Marty Walsh (@SecMartyWalsh) January 10, 2023