What happened to our entrepreneurial spirit....?

From 1977 to 2005, business startups accounted for almost all economic growth and all net job creation. Established firms shrank and new firms grew. After the Great Recession of 2008, the opposite occurred: established firms accounted for all the recovery in employment, and startups contributed nothing to net employment growth. Under the Obama administration, America changed from the world’s most innovative economy to the most static and cartelized.


This is the single most depressing fact about the American economy. The single most depressing fact about American politics is that no-one wants to talk about it.


-Spengler, as excerpted from this post