“Even though small businesses are considered by many to be the backbone of our economy, accounting for 54% of all sales in the United States as well as the lion’s share of job growth since the early 1990s, funding from the Small Business Administration is a fraction of that of corporate welfare. The SBA’s budget was $1.4 billion in 2016, but the SBA only provides grants for nonprofits and educational institutions in certain growth sectors.
It does not provide direct loans to small businesses; instead, it provides guidelines for small business loans from lending institutions. You know, those big banks getting all the bailouts.”
Despite being the backbone of the economy, funding from the Small Business Administration is a fraction of that of corporate welfare.
As we saw in the last graphic, private businesses are shouldering 20% and households 28% of the skyrocketing costs of our inefficient healthcare “crazy quilt.” Much of that is in the form of premiums for private insurance.
The average premium for family coverage in an employer-sponsored health insurance plan went from $5,800/year in 1999 to over $18,000/year in 2016. That’s a whopping 213% increase in just 17 years (regular inflation was just 44% during that same time period).
Even worse, the worker contribution share (red portion) for a family plan has jumped from about $1,500/year to over $5,000/year (a 242% increase!). And that doesn’t even include higher deductibles and other cost-sharing being shifted to workers. Of course, employers ultimately pass all the premium costs onto employees by keeping wages flat.
And contrary to right-wing talking points, these rising costs clearly did not begin with the passage of ObamaCare in March 2010. As a matter of fact, the years showing the greatest annual percent increase (13%) were actually 2002 and 2003. Cumulatively, the Bush years saw a 97% increase in premiums of employer plans ($6,438 almost doubled to $12,680, while Obama cut that growth by more than half to 43% over his eight years ($12,680 grew to $18,142).
A Medicare-For-All single-payer system would get the health insurance monkey off the backs of employers and free up workers to negotiate for better wages instead of always playing defense just to maintain adequate healthcare coverage.
For more on that topic, I highly recommend watching the new documentary “FIX IT: Healthcare at the Tipping Point”: http://fixithealthcare.com