Presidential Candidates Have Not Prioritized Small Business
As we approach the Fourth of July, there are two dozen contenders for the 2020 Democratic nomination for president, and currently none of them are focusing on small business as a major priority. In fact, small business and the economy seem to lag far behind immigration, climate change, gun control, health care, foreign affairs and social justice as top priorities of the Democratic field.
Few candidates are talking about small business loans, even though access to capital is the lifeblood of small business growth. Meanwhile, many of the candidates are focusing on issues that will hurt, rather than help, small businesses, including raising the federal minimum wage to $15/hour.
Here is a look at the current front runners:
Former Vice President Joe Biden
Biden’s campaign website contains few specific plans regarding small business or entrepreneurs, and his record on supporting small business is far from robust. As VP in 2011, supported the American Jobs Act, which cut payroll taxes and included reforms to open access to small business capital. However, he also has pushed for a $15/hour federal minimum wage since 2015 (a time when even President Obama targeted $12/hour as the goal). While Biden frequently talks about reducing income inequality and boosting the economy, he has offered little in the way of concrete proposals.