President Obama Supports Small Business Saturday
President Barack Obama showed support for small businesses Saturday when he took his daughters on an early Christmas shopping trip. The retail sector in the United States has already anticipating the rush this holiday season.
The president promoted Small Business Saturday, which encourages consumers to support independently-owned local shops. He took his daughters Malia and Sasha to One More Page Books in Arlington, Virginia, which is a suburb of Washington, DC.
In the past two decades, small businesses have made two of every three jobs in the United States. The Obama administration said that it wants to cut taxes for small businesses and expand entrepreneurs’ access to financial solutions. It is the administration’s way to boost job growth of the nation.
Both small businesses and larger retailers will find out whether the looming fiscal cliff that threatens to increase taxes and automatically cut spending in January will affect the consumers and hold back their spending this holiday season. President Obama and Congress have ongoing talks to reach a compromise to avoid the $600 billion in spending cuts and tax increases that will affect the economy at the start of 2013.
The White House said that President Obama purchased 15 children’s books that will be given as Christmas gifts to family members. The president declined to comment on the upcoming fiscal cliff and said that he’s doing Christmas shopping with his daughters.
Last year, more than 100 million American consumers shopped locally on Small Business Saturday. This was according to an estimate made by American Express. Small businesses that took part in the initiative used social networks such as Twitter and Facebook to promote their deals and attract customers.
Small Businesses Saturday urged consumers to go to local businesses after Black Friday, which is the nation’s busiest shopping day at major retailers that is the day after Thanksgiving.