This may sound a bit hard to believe, but I predict we will see genuine bipartisan legislation in Congress this year that will do wonders to revive economic growth and create jobs — even though bipartisanship is an endangered species in Washington, and even though this is an election year. Miracles do happen, and we are going to see one.
Several bills backed by Republicans and Democrats would rejuvenate the spirit of entrepreneurship – creative people taking risks to bring new products and ideas to market. This is our country’s strong suit, and a critical element in our economy. Research by the Kauffman Foundation indicates that firms less than five years old have produced 40 million jobs over the past three decades, essentially accounting for all of the new jobs created in that period.
But over the past five years, new startups are down 23 percent, and firms that are being launched are adding fewer new jobs than in earlier years. Public offerings have fallen. Part of this is due to the overall weakness in the economy, but at the same time entrepreneurs are finding that raising capital and finding talent are much more challenging than in years past. And as the creative spirit ebbs on our home shores, it is picking up among our foreign competitors.