The Biden-Harris administration today released numbers revealing that over the past four years, their policies have kick-started a boom in the creation of small businesses across the country. Since the administration took office, entrepreneurs have filed more than 20 million applications for new businesses, the most of any presidential term in history. This averages to more than 440,000 applications a month, a rate more than 90% faster than averages before the pandemic. Black business ownership has doubled, and Hispanic business ownership is up by 40% since before the pandemic.
The administration encouraged that growth with targeted loans, tax credits, federal contracts, and support services. Small businesses are major job creators and employ about 47% of all private sector employees.
President Joe Biden rejected the “neoliberalism” of the previous 40 years that had moved about $50 trillion dollars from the bottom 90% of Americans to the top 1%. Those embracing that theory maintain that the government should let markets operate without regulation, concentrating wealth among a few people who will invest it more efficiently than they can if the government intervenes with regulations or taxes that hamper the ability of investors to amass wealth.
Heather Cox Richardson (https://heathercoxrichardson.substack.com/p/november-14-2024)
