According to the Federal Reserve, the percentage of American families that own a small business is at the lowest level that has ever been recorded. In a report that was just released entitled “Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances“, the Federal Reserve revealed that small business ownership in America “fell substantially” between 2010 and 2013. Even in the midst of this so-called “economic recovery”, small business ownership in America has now fallen to an all-time low. If the economy truly was healthy, this would not be happening. And it isn’t as if Americans are flooding the labor market either. As I detailed yesterday, the labor force participation rate in this country is at a 36 year low. That would not be happening if the economy was actually healthy either. The truth is that the middle class in America is dying, and this new report from the Federal Reserve is more evidence of this very harsh reality.
In order to build wealth, middle class Americans either need to have their own businesses or they need good jobs. Sadly, the percentage of Americans that own a business continues to decline steadily. In the report that I mentioned above, the Federal Reserve says that the proportion of U.S. families that have an ownership interest in a small business fell from 13.3 percent in 2010 to a brand new all-time low of 11.7 percent in 2013.
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No surprise here.Unless your getting grants of some kind or big money people investing in a worthless tech start-up your not doing a whole lot in this economy.
ReplyDeleteIf you own a small business you will not survive unless you figure away around the gov't bull.
ReplyDeleteToo many government regulations. Try getting a building permit in Wicomico Co. It may take a year. Yet you people keep voting for Democrats. Bob Culver is a builder and he knows how restrictive permits are. Perhaps if we give him a chance he can begin turning things around.
ReplyDeleteOh, we're here! Look under the table!
ReplyDeleteIsn't it funny - now that the election is just around the corner most of those ding bat democrats have all dug-in to their holes and disappeared.
ReplyDeleteWhere is Rick Pollitt - remember just after he was elected he was on a rant to get the Tier Maps approved. And how about eradication of the impact fees - how in the hell can Wicomico/Salisbury ever dig out of its cesspool economy when one has to fork out $5,250 dollars - and that is even before paying for a building permit.
Most of the so called liberals - where are they now!!! They have gone into hiding because they know full well that the wrath of the average Joe Blow voter is soon to pin the tail on those Donkey's - for what they have failed to do. The Democratic governance is abysmal to say the least.
Try getting a loan lately. This is no wonder. Banks are taking their "free money" from the government and not loaning it out.
ReplyDeleteI can attest it currently sucks to own a small business, particularly in Maryland! I own two of them. In the 20+ years that I have been in business, I've seen regulations increase exponentially, raising cost, profits vanish, wage and salaries stall.
ReplyDeleteMy advice to anyone considering starting a business, find a business friendly state, its certainly not Maryland!