Bornstein, Samuel

Samuel D. Bornstein is a 33 year Professor of Accounting and Taxation at Kean University, School of Business in Union, N.J., as well as a CPA and partner of Bornstein & Song CPAs & Consultants.

Does job Loss Lead to Foreclosure, or Does Foreclosure Lead to Job Loss?

By Samuel Bornstein

Many believe that job loss is driving foreclosures. I believe that there is an overlooked factor that is impacting foreclosures. It’s coming from small businesses that are cutting costs in order to survive in this sluggish economy. The result is cost-cutting which is leading to job loss for their employees, which is leading to more foreclosures.

The Unrecognized Link between Small Business, Jobs, Toxic Mortgages, and the Housing Crisis

By Samuel D. Bornstein and Jung I. Song

Unemployment and the housing crisis are pressing concerns as we attempt to escape the grip of the economic downturn. We are stymied by an unexpectedly sluggish and jobless recovery. It is urgent that banks, financial institutions, and policymakers realize that small business holds the key to a solution of the economic crisis. Our Bornstein&Song research discovered a link between small business, jobs, toxic mortgages, and the housing crisis.

Historically, small businesses created jobs which jumpstarted economic growth. Nearly 90 percent of small businesses employ from 1-19 workers, and they create more than 44 percent of new jobs. But, this time it is different.