Washington, D.C./ Politics & Govt
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Published on June 12, 2024
President Biden Touts Record 18 Million New Business Applications Under His AdministrationSource: Elvert Barnes, CC BY-SA 2.0, via Wikimedia Commons

In what signals a potentially transformational shift in the small business landscape, President Joe Biden has announced a staggering number of over 18 million new business applications since his administration began. According to a statement from the White House, this achievement marks the three most robust years for new business initiations in the country's recorded history.

While the raw numbers themselves are impressive, the narrative behind them is equally significant with Biden's claim that "Since the pandemic, Black business ownership has more than doubled, Hispanic business ownership is up 40 percent, and women own a record share of businesses." This uptick purportedly reflects the Administration's commitment to bolstering entrepreneurial efforts, especially those emerging from the ashes of economic downturns. The President went on to directly criticize the opposition for their reluctance to support measures he argues to have been critical in aiding small businesses, claiming, "Every Republican in Congress voted against vital American Rescue Plan relief that helped 100,000 restaurants and bars and 225,000 child care programs stay open."

The President's statement contrasted his administration's support for small businesses with the congressional Republican agenda, which he said would "undercut small businesses by repealing our investments in infrastructure and manufacturing, slashing Small Business Administration funding by almost a third, and putting big corporations and billionaires first by cutting their taxes and protecting their loopholes." The critique sharply delineates the political battlefield upon which debates over supporting main street versus Wall Street are often fought.

It is clear that the Biden administration is positioning itself as a champion of small business growth and economic diversity, and the President closed his statement with a personal touch by saying, "I’m fighting for Scranton and main street—not Park Avenue and Wall Street." As his administration looks to sustain and potentially to even expand upon this momentum, the political strife highlighted indicates a continued struggle between differing visions for American prosperity.