American Elephants

Recovery? What Recovery? by The Elephant's Child

From the Wall Street Journal’s “Notable & Quotable” Column:

Geoffrey Norman, writing online for the Weekly Standard, Jan 21.

What should be a recovery on steroids—after all, it has had six years to get in shape—is still not up to speed. If there were as many people in the labor force now, as there were when President Obama came into office, the unemployment rate would be close to 10%. And the spirit of entrepreneurship has dimmed to the point that, as Gallup finds:

“The U.S. now ranks not first, not second, not third, but 12th among developed nations in terms of business startup activity. Countries such as Hungary, Denmark, Finland, New Zealand, Sweden, Israel and Italy all have higher startup rates than America does. We are behind in starting new firms per capita, and this is our single most serious economic problem.”

And the worst of it is that:

“. . . for the first time in 35 years, American business deaths now outnumber business births.”

Plainly we need more regulation and higher taxes on small business.

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