What do declining rates of entrepreneurship do to our aspirational culture?

by Ryan Streeter on February 7, 2014. Follow Ryan on Twitter.

Jim Pethokoukis wrote this nearly a year ago after President Obama’s 2013 SOTU. Re-reading it today, I thought he could have written the same post this year.

These 3 data points are worth reflecting on:

1. Had small business come out of the recession maintaining just the rate of start-ups generated in 2007, according to McKinsey, the US economy would today have almost 2.5 million more jobs than it does.

2. There were fewer new firms formed in 2010 and 2011 than during the Great Recession.

3. The rate of startup jobs during 2010 and 2011, years that were technically in full recovery, were the lowest on record, according to economist Tim Kane of the Hudson Institute.

And I know I’ve written about this before, but the trend shown in this graph is really alarming:

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