By Rebekah Rast
When President Reagan signed into law The Women's Business Ownership Act, H.R. 5050 in 1988, many wonderful changes began to happen to women-owned businesses.
The U.S. Census Bureau states that the number of women-owned businesses reached 6.4 million in 1992, representing one-third of all domestic firms and 40 percent of all retail and service firms. Businesses owned by women generated $1.6 trillion in business revenues and employed 13.2 million people.
Today, women are starting businesses at twice the rate of any demographic. About 23 million Americans are employed by women-owned businesses and they contribute nearly $3 trillion in economic activity.
These small businesses are what make America prosperous and profitable. With new laws being passed by this Administration on top of other policies already in place, this trend may begin to falter. Until the president turns his focus to cultivating a prosperous environment for entrepreneurs, this industry will continue to suffer and the recession will carry on.
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