News From Congresswoman
Nydia M. Velázquez
Representing New York's 12th Congressional District - Brooklyn, Manhattan, Queens
Ranking Democratic Member, House Small Business Committee

For Immediate Release
December 5, 2003

CONTACT: Wendy Belzer, Kate Davis, 202-225-4038

Velázquez: Jobs are Not Growing Fast Enough
The Bush administration needs to place priority on issues facing small business

WASHINGTON - Congresswoman Nydia M. Velázquez (D-N.Y.), Ranking Democratic Member of the House Small Business Committee, remarked how "this administration promised a lot to small businesses in 2003 but delivered little," as President Bush spoke today about the state of the American economy at a Home Depot in Halethorpe, Maryland.

"It's ironic that the president picks a corporate icon - the Home Depot - as his latest platform to speak about the economy, when he should be at a small business since they are the real economic drivers," Congresswoman Velázquez said. "The president may be taking credit for the recent surge in GDP growth and small percentage drop in the unemployment rate, but the economy is simply not where the American people need it to be right now. Our economy is being propped up by rising consumer confidence, a robust housing market and the short-term effects of a fiscal stimulus. But at the same time, it is being dragged down by ballooning trade and budget deficits, high unemployment, and the continuing loss of jobs in the manufacturing sector."

The new unemployment statistics show that the economy added 57,000 new jobs in November, but this still lags behind the forecasted 150,000 the economy needed for a strong showing this month. The key sector in the creation of new jobs in this country is small business. Yet in the last year, the Bush administration has made a number of choices that support corporate America over Main Street America. This included the President Bush's signature 2003 tax cut, in which just 3 percent of the overall $350 billion package went to targeted small business relief. The Bush administration refused to make the small business provisions permanent because of the dividend tax cut - aimed at large corporations - which made up the bulk of the 2003 jobs and growth initiative.

In addition, Congresswoman Velázquez pointed to the lack of progress on the president's small business agenda, which he released in March of 2002, as well as his manufacturing agenda and his six-point economic plan, which included health care, tax and regulatory relief and opening up the federal marketplace for small firms.

"Without focusing more on small business in 2004, this wishy-washy economic growth will continue," Congresswoman Velázquez said. "Time and time again, the administration picks big business over small business - just like he did today by appearing at Home Depot. Without investing in today's small businesses, we ultimately fail to invest in tomorrow's future entrepreneurs who have the power to put this nation's 8.7 million unemployed Americans back to work."

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