Source: The American Prospect
by David Dayen
“The post-pandemic period has seen an explosion in individual entrepreneurship. According to a Treasury Department report released this week, 71 percent of net new jobs since 2019 came from small businesses (by comparison, after the Great Recession that number was 64 percent), and new business applications are up by 50 percent in 2024 compared to five years ago. Over 19 million businesses have been formed since Biden’s inauguration, and these are not just sole proprietorships or fly-by-night operations. The subset of applications for businesses most likely to hire employees has increased 30 percent from 2019. You can debate what led to this, but I’d put my money on a change in mindset. I’ve written before about people’s desire to find purpose in work and set their own path. Technological and logistical barriers to starting e-commerce enterprises have dropped as well.” (09/05/24)
https://prospect.org/economy/2024-09-05-small-businesses-arent-asking-for-tax-cuts/