A new study from the Brooklyn Institution states that more US businesses are being destroyed than are being created. This trend has been most striking over the Obama administration, culminating with the worst numbers since the beginning of 2009.
There is no states or regional localization for these numbers. The poor business growth and the destruction of businesses are seen throughout the entire 50 state union. The only valid conclusion when looking at these statistics is that the problem arises from a central source and not on the local level. When I write of a central source, I am, of course, referring to Washington DC.
Since Obama has taken office, there has been an attack on the middle class. Despite Obama’s rhetoric and the media’s confirmation of his lies, the wealth gap between the rich and poor is widening by the day, while squeezing out the middle class in the process.
Remember, small business is the spine which makes America’s economy and creates most of the jobs in this country. However, as any small business owner will tell you, it has become more difficult by the year to maintain that business. Higher taxes, no incentives, new laws and an unfriendly central government has made business ownership increasingly more difficult. Also, it deters the entrepreneurial spirit and discourages anyone from wanting to create their own business.
Despite the lower unemployment rate, it clearly explains why the nation’s workforce shrank by more than 800,000 workers in April, sending the labor force participation rate plummeting 0.4 percentage points to 62.8 percent.
Despite what you hear on the news, America’s economy remains in a downwards spiral. Many have given up looking for work and are now on the government doll, or they just decided to retire due to the bad economy. As this trend continues, America’s competitive edge will soon be lost.
Don’t let this happen.