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Perfect Storm Forming Under Biden Recession, Puts Millions of Jobs at Risk: Report

Coming on the tail of the disastrous government response to the coronavirus, with its mandates, lockdowns, and job loss, economists fear that millions more will lose their jobs by next year as small businesses begin to fail in even greater numbers.

June report from Kabbage, the small business lender owned by American Express, found that about 20 percent of small businesses don’t think they can survive the Biden downturn.

This looming small business crash coincides with a housing crisis, with soaring mortgage rates that have not been seen since the housing crash of 2008.

This is extremely bad news because small businesses are the engine of the U.S. economy.

There are about 31.7 million small businesses in the country, according to federal data, and those businesses are responsible for employing nearly half of America’s working population, or about 58.9 million workers, according to data reported by Pie Insurance.

The U.S. Small business Administration reports that 99.9 percent of all firms in the U.S. are small businesses that employ less than 50 people.

So, clearly, small businesses are extremely important to the health of the U.S. economy.

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