WASHINGTON – In this week’s address, President Barack Obama spoke of how the rising costs of health care are stifling America’s small businesses, and how reform will strengthen these businesses and the economy. Small businesses create roughly half of all new jobs, but they also pay up to 18 percent more for the very same insurance plans as larger businesses. Too many have been forced to cut benefits, drop coverage, shed jobs, or shut their doors entirely. Health insurance reform is integral to laying a new foundation for our economy so that small businesses can grow and create new jobs.
The audio and video will be available at 6:00am Saturday, October 3, 2009 at www.whitehouse.gov.
Prepared Remarks of President Barack Obama
Weekly Address
Washington, DC
October 3, 2009
When I took office eight months ago, our nation was in the midst of an economic crisis unlike any we’d seen in generations. While I was confident that our economy would recover, we know that employment is often the last thing to come back after a recession. Our task is to do everything we possibly can to accelerate that process.
And we’ve certainly made progress on this front since the period last winter when we were losing an average of 700,000 jobs each month. But yesterday’s report on September job losses was a sobering reminder that progress comes in fits and starts, and that we will need to grind out this recovery step by step.
That’s why I’m working closely with my economic team to explore additional options to promote job creation. And I won’t let up until those who seek jobs can find them; until businesses that seek capital and credit can thrive; and until all responsible homeowners can stay in their homes.
It won’t be easy. It will require us to lay a new foundation for our economy – one that gives our workers the skills and education they need to compete; that invests in renewable energy and the jobs of the future; and that makes health care affordable for families and businesses – particularly small businesses, many of which have been overwhelmed by rising health care costs.
This is something I hear about from entrepreneurs I meet – people who’ve got a good idea, and the expertise and determination to build it into a thriving business. But many can’t take that leap because they can’t afford to lose the health insurance they have at their current job.
I hear about it from small business owners who want to grow their companies and hire more people, but they can’t, because they can barely afford to insure the employees they have. One small business owner wrote to me that health care costs are – and I quote – "stifling my business growth." He said that the money he wanted to use for research and development, and to expand his operations, has instead been "thrown into the pocket of healthcare insurance carriers."
These small businesses are the mom and pop stores and restaurants, beauty shops and construction companies that support families and sustain communities. They’re the small startups with big ideas, hoping to be the next Google, or Apple, or HP. Altogether, they create roughly half of all new jobs.
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