One of things that I, like other small businesses, like to talk about is that in 2010, 2 out of 3 jobs were created by small businesses.   I’m also always touting the idea that small businesses are the engine of the economy and when small business rebounds, we’ll see the US finally completely emerge from the recession.  Two articles recently released one by national website MSNBC.com and the other by local LI Business News, countered this idea...

On Friday it was announced that the payroll tax cut will be extended for the remainder of the 2012 year.  Instead of the normal 6.2 percent level, Congress has decided to keep the Social Security payroll tax at its lower 4.2 percent rate and to extend unemployment benefits.  While this is a short term solution to increasing the cash flow in the economy by providing 160 million working Americans with a slightly larger paycheck -approximately $1000 per year on a $50k salary- the Congressional Budget Office said that the bill would increase federal deficits by $89.3 billion over the next ten years.  They will account for the lost revenue for Social Security benefits by pulling from general tax revenue, which will ultimately add to the budget deficit... 

According to a report from the Associated Press, the number of jobs waiting to be filled rose in December, thanks to hiring in factories, retail and business services.   This number hit almost a three year high, marketing more good news for the economy.

According to the Labor Department's Job Openings and the Labor Turnover Survey, there were 3.4 million jobs open at the end of December, compared to 3.1 million at the end of November...