Throughout the 2016 presidential campaign, the economy has been the strongest issue on the minds of most Americans. However, any political discussions about the economy often miss the fate of small businesses.
In 2014, the Brookings Institute, a progressive-leaning think tank, issued a report that the US economy has become less dynamic and less entrepreneurial. More small businesses leave the economy than enter it.
At the beginning of this year, Gallup reported that according to the US CensusBureau, the total number of new business startups and business closures per year – the birth and death rates of American companies – have crossed for the first time since the measurement began.
Employer businesses – those with one or more employees – are the real engines of economic growth. Nationwide, 400,000 new businesses are born annually, while 470,000 per year are dying.
The leading candidates for both the Democratic and Republican parties have missed the important element for a robust economy – a strong and vibrant entrepreneurial focus.