[Congressional Record Volume 150, Number 73 (Friday, May 21, 2004)]
[Extensions of Remarks]
[Page E945]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            SMALL BUSINESSES ARE THE BEDROCK OF OUR ECONOMY

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                        HON. J. GRESHAM BARRETT

                           of south carolina

                    in the house of representatives

                         Thursday, May 20, 2004

  Mr. BARRETT of South Carolina. Mr. Speaker, American small businesses 
are the bedrock of our economy and the heart and soul of this country. 
Yet these same businesses are also unfairly burdened by red tape 
regulations.
  As our economy matures and expands, it is important that businesses 
are given every advantage to compete. The amount of time and money 
small businesses tie up in red tape compliance is exorbitant. Small 
business owners account for 80 percent of new jobs created in the U.S. 
economy--that's 8 out of 10 new jobs for Americans created by small 
businesses. Yet in 2000, the costs small businesses paid in annual 
regulatory burdens were close to two-thirds greater than that paid by 
large firms. So why is it, these same businesses carry significantly 
more responsibility for red tape costs? That just doesn't make sense.
  I know first hand how father-son family businesses build up their 
communities and I know first hand how they are penalized for nothing 
more than their size. Small businesses should be educating their 
employees and expanding on ideas, not wasting precious man hours 
pushing pencils and paper trying to find their way through all the red 
tape.
  Mr. Speaker, we need to release small businesses from excessive 
regulatory costs which hurts their ability to thrive. Reducing the 
burden on our small businesses is right for our workers, it is right 
for our businesses, and it is right for our economy.

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