The unemployment rate is 5.0%
. This is great but the problem is that millions of people are still unemployed or underemployed.
Small businesses account for a large share of the United States’ GDP. A subset of firms that are young and high-growth generate a large share of new jobs. Locally owned firms have been found to generate greater local economic ripple effects than chain establishments or other non-locally owned companies…. the Small Business Administration, for example, attributes almost half of private nonfarm GDP and almost two-thirds of net new private-sector jobs to what it calls small businesses.
[Yet a]cross the 16 programs in 14 states examined, large companies are receiving 80 to 96 percent of the subsidy dollars, and somewhat smaller but still very disproportionate shares of the deals (indicating that deals granted large businesses are more lucrative). Overall, big businesses received 90 percent of the $3.2 billion awarded, and 70 percent of the deals.
For example, in New York City, 80 percent of $82,471,363 in deals went to large firms.
Greg LeRoy founded Good Jobs First in 1998
One way to address these problems is for Americans to buy more products manufactured in the United States and for New Yorkers to purchase more locally made products.