Economic historians looking back at this period will be hard pressed to avoid commenting on the influence of at least one data point: from 1980–2005, firms less than five years old accounted for all net job growth in the United States. The notion that what policymakers should focus on is “young” firms not just “small” firms has awakened Democrats and Republicans alike and provided a new strategy for all Americans seeking to create jobs and restore what many Americans perceive as lost U.S. economic competitiveness.
While most early interest from this Administration in the vital role of young firms in the economy was more talk than action, the Obama Administration acknowledged new firm formation with actionable commitment at the White House launch of Startup America last January. In turn, within weeks, Speaker Boehner led his own “job creation” events welcoming in Kauffman Foundation president Carl Schramm once more to carry the message to Americans that it is the risk-takers and entrepreneurs that will make more American jobs and restore our economic strength.
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Author:Jonathan Ortmans
