The national unemployment rate has been above 8 percent for 43 straight months. Yet, Congress has neglected to take meaningful action to jump-start the economy despite evidence that demonstrates the importance of entrepreneurs to economic growth and job creation. Between 1980 and 2005, entrepreneurs and the new businesses they created were responsible for nearly all of the net new job creation in our country. In fact, new businesses have created an average of 3 million jobs each year.
While Congress dithers, other countries are taking action to better support entrepreneurs--even going as far as to lure American job creators to their country by offering generous incentives. At the same time, the United States has slipped in international rankings of startup friendliness and is no longer in the top 10. All of this has occurred as fewer new businesses are forming and those that do start are not hiring as many workers as historical averages suggest they should.
Thankfully, there are steps we can take to reverse these trends and once again make the United States the best place in the world to start and grow a business. I have authored bipartisan legislation called Startup Act 2.0 that would create a circumstance in which entrepreneurs can succeed and put Americans to work. This week, Startup Act 2.0 sponsors Scott Brown (R-Mass.) and Marco Rubio (R-Fla.) joined me in requesting a hearing in the Senate Committee on Small Business and Entrepreneurship to examine the state of entrepreneurship in America and explore the steps Congress can take to better support America's job creators.