It’s helpful to put some business statistics into perspective here to keep alive a worthy and worthwhile discussion.  Yes, we’re all upset and darned angry with AIG, and the smug and arrogant and out of touch way it has responded to criticism about bonuses paid and to be paid.  But there are more important things to consider that are much closer to home and Main Street in this country right now, and that’s where our attention should be focused.

In November, this space devoted some time and attention to the small businesses in America and their relationship to the state of the economy.  The data might surprise you:

* Small business produces roughly half of the private Gross Domestic Product (GDP) and creates, on average, about two-thirds of net new jobs annually.
* Small businesses are the greatest source of new employment in inner cities, comprising more than 99 percent of establishments and 80 percent of total employment.
* American small business is the world’s second largest economy, trailing only the United States as a whole.
* Small businesses employ more than half of private sector employees.
* Ninety percent of small businesses employ fewer than 20 people.
* Small firms represent 99.7 percent of all employers.
* Nearly 16 million people operate a small business as their primary occupation.

These statistics are provided by the National Federation of Independent Business, and more can be found at NFIB DOT COM.  This organization is membership driven, non-profit and non-partisan, and has been around since 1943.

Some of these numbers are pretty staggering – - small businesses in the United States employ more than half of all private sector jobs, half of the private GDP.  Pretty impressive.

Over this past weekend, the Obama Administration finally got around to recognizing the importance of US small businesses to the economy.  The announcements expected today center on the broad package of measures that will include reduced small business lending fees, and increased government guarantees on some Small Business Administration loans.

Further, the government intends to take more aggressive steps to boost bank liquidity with more than $10 billion that will be aimed at unfreezing the secondary credit market.

Concurrent with these announcements, and again to keep data in perspective, AIG, the recipient already of over $170B in taxpayer bailout, finally released it’s largesse list of the firms that benefited from the government’s efforts last year to prop up the New York-based company.  Interestingly, AIG commented that it was important to maintain transparency with respect to the use of public funds.

Interestingly, because AIG also announced the payout of roughly $165 million in bonuses.  The money was payable to executives by Sunday and was part of a larger total payout reportedly valued at $450 million.

Bank solidity and the underlying regulations in place to maintain it is at the core of this country’s economic engine, most economists will agree.  But with almost half of the private GDP, and about two-thirds of net new jobs annually, and the world’s second largest economy, it seems a lot more effort is deserved to protect and preserve American small businesses.

Those executives are receiving bonuses funded by the US small business owner tax payer.  It’s fair to say the average small business owner did not pay himself or herself a bonus for 2008, and also fair to say neither he nor she will get a bonus in 2009.

But, AIG argues, if we are to attract and keep the best and brightest minds to run this company, we have to pay well for it.  That’s the response of AIG’s CEO to the complaints lodged about these most recent bonus payments.

The same best and brightest minds who are responsible for the mess we’re in – - that’s who’s being defended here.  Wonder if they’d be able to run a small business on their own and without the safety net of $170 billion in tax payer bailout money?

In the meantime, the Obama Administration is finally getting around to offer some limited help and hope to small business owners.  Let’s hope it’s not too little and too late for it.  The world’s second largest economy sure could use it.