As the effects of the economic collapse began pouring down Main Street, the government last year was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed. Officials expect the number of defaults to rise as the nation continues to climb out of the recession.
Records obtained under the federal Freedom of Information Act show the public is paying to offset bank losses on small business loans across the country, from a convenience store in the tiny Canadian border town of Houlton, Maine, to a graphic arts design company on the island of Hawaii, more than 5,000 miles away.
Despite having loans written off, little companies such as Caffe Sportivo, an espresso shop and small gym in Redwood City, Calif., are barely scraping by.
And Obama wants to force Government ran healthcare insurance coverage for the employees of small businesses and higher wages has already been passed onto the small businesses. We will see many more having a hard time staying in business and more unemployment. Obama does not have a clue of how to bring the economy back in other words he’s making it worst with his socialist plans.