Minority Businesses: Prepare to Reap Benefits of Economic Growth

April 26, 2012

Minority businesses and political leaders must look beyond short-term fixes. Long-term economic growth depends on the private sector and the vitality of the free-enterprise system.

As we end the first quarter of 2012, we see a global economy trying to correct itself and many U.S. citizens still out of work. A disproportionate number of these citizens are minorities, with unemployment rates for Hispanics and blacks at nearly 11 and 15 percent, respectively.

The congressional Hispanic and black caucuses are aware of these problems and are presenting their own policy and program recommendations that demand direct government investments. The "For the People" Jobs Initiative, an extension of unemployment benefits and an extension of payroll tax cuts are but a few proposals. These recommendations make sense and will have a positive short-term effect. However, to foster significant, long-term economic growth, we have to depend on the private sector and the vitality of the free-enterprise system. 

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