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The Myth Of Small Businesses As Job Creators
The numbers don’t back up this oft-made claim.
“I don’t want to pick on dry cleaners and restaurants and small manufacturing firms, but they’re not a big source of job creation,” says John Haltiwanger, an economist at the University of Maryland.
Politicians like to say that small companies create two of every three jobs in a given year. That’s less impressive when you consider that almost all the 6 million companies in the U.S. – 99.9 percent of them – are small businesses, with fewer than 500 workers.
What’s more, two-out-of-three masks the fact that most small businesses eliminate more jobs than they create in a given year, either through layoffs, closings or bankruptcy.