Comptroller Tom DiNapoli released a recent report summing up the contributions of small business to the New York State economy, and the numbers are incredible: “451,000 entrepreneurs covering a vast spectrum from neighborhood coffee shops to specialized tech firms. These businesses generate more than $950 billion in annual revenue and 3.9 million jobs, or just over half of all private sector employment in the state.” He also touted the $150 billion in payroll supported by the small businesses of our state.
The Comptroller went on to say that “state government has a responsibility to help small businesses prosper and create jobs.” This is a very commendable assertion; however recent events have called into question the state’s commitment to this very premise. The Governor has already imposed sweeping health care mandates, is pushing to raise the minimum wage to $15/hour and institute paid family leave, all of which are having a deep impact on the viability of small business in New York State. Under the proposed requirements, many of the jobs that the Comptroller touts in his report would be lost, younger and less skilled workers would struggle to find a pathway to the training they need to succeed, and the quality of life for all in our state would be adversely affected.
Recently, a consortium of over 50 business groups, chambers of commerce and economic development agencies have developed a campaign called the Minimum Wage Reality Check (www.minimumwagerealitycheck.com) which is sharing real world examples of businesses and organizations which are fearful of the negative impact of the minimum wage legislation. Surely our leaders have good intentions in attempting to make these changes, but the practical reality of adding massive new government regulation and expense on small businesses will be very detrimental to our economic future.
– Jennifer Maher, Chairwoman, the Putnam County Chambers of Commerce