The Great Recession has badly damaged the entrepreneurial sector of the U.S. economy.
Everyone knows that the United States is in the midst of the most severe recession since the Great Depression. But, while the media is full of reports about how the recession has affected large businesses and consumers, little has been said about its effect on new and small businesses. I’ve taken a look at the data, and, I’m sad to report, the Great Recession has damaged the entrepreneurial sector of the U.S. economy.
Business failure rates have jumped. According to the Office of Advocacy of the U.S. Small Business Administration (SBA), business bankruptcies increased 79 percent from the fourth quarter of 2007 to the first quarter of 2009, and employer firm terminations rose from 2007 to 2008.
The Recessions Effect On New And Small Businesses In The U.S.
