Trump should set a goal: fix the business climate so a million Americans a year can start companies.
By Carl J Schramm • Wall Street Journal
This week more than 160 countries are celebrating Global Entrepreneurship Week. The Kauffman Foundation, which I once led, created this event eight years ago to encourage other nations to follow the American tradition of bottom-up economic success. Yet this example has been less powerful in recent years, as American entrepreneurship has waned. Fortunately, President-elect Donald Trump has plenty of options if he wants to resurrect America’s startup economy.
Consider the economic situation that the president-elect is inheriting. Despite the addition of 161,000 jobs in October, the labor-force participation rate fell to its second lowest level in nearly 40 years, according to the St. Louis Federal Reserve. More people have joined the ranks of the chronically unemployed, slipping into poverty at alarming rates as their skills decay and dependency on public assistance grows. Considering population growth, America needs at least 325,000 new jobs every month to stanch the growing numbers of discouraged workers, according to the Bureau of Labor Statistics. Continue reading
“Suffocating supranationalism of the European Union marches on . . . . Washington is already on the path to Brussels, Paris and Athens, but it still has an opportunity to reverse course.”
Book review by Nile Gardiner
BECOMING EUROPE: ECONOMIC DECLINE, CULTURE, AND HOW AMERICA CAN AVOID A EUROPEAN FUTURE, by Samuel Gregg, Encounter Books, $25.99, 384 pages.
“Socialist governments traditionally do make a financial mess,” declared Margaret Thatcher in a television interview before she became Britain’s prime minister. “They always run out of others people’s money. It’s quite a characteristic of them.” Continue reading
“New incentives to save, invest, and take risks, so more wealth will be created at every level of our society.”
by Scott L. Vanatter
President Ronald Reagan dedicated his May 14, 1983 radio address from Camp David “the importance of entrepreneurs and how we’re trying to help them.”
He began by citing George Gilder’s book, Wealth and Poverty, where he developed the important idea that “… most successful entrepreneurs contribute far more to society than they ever recover. And most of them win no riches at all. They are the heroes of economic life. And those who begrudge them their rewards demonstrate a failure to understand their role and their promise.” Reagan went further, “Too often, entrepreneurs are forgotten heroes. We rarely hear about them. But look into the heart of America, and you’ll see them. They’re the owners of that store down the street, the faithfuls who support our churches, schools, and communities, the brave people everywhere who produce our goods, feed a hungry world, and keep our homes and families warm while they invest in the future to build a better America.” Continue reading