National wealth has declined 40% to the level of 1992.
According to the Census Bureau, the start-up rate, measured as a share of
all firms, has plunged to 7% from 9% in 2008 and from 11% in 2006. That
pace is almost half the 1980s' peak of 13%. New job
creation from start-ups has fallen from over 40% in that decade,
when business formation exploded and the economy saw huge gains. In the1980s these young entrepreneurial firms accounted for 20% of total
private-sector U.S. employment vs. just 12% now.
There is no evidence that the large company denominator is any bigger to explain this.
Seeing these numbers and being publicly optimistic about them has crossed the line from vaguely overwhelmed to pointedly insincere.
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