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What America Needs

on March 11, 2010 Source: Policy Dialogue on Entrepreneurship

Texas’ Wilson County News published an interesting essay by Craig Columbus about education and solving the job crisis, “What America Needs: A Bumper Crop of Young Entrepreneurs.”

The insufficient private sector job growth, the author argues, signals the need to produce more entrepreneurs. Ironically, America’s aspiring entrepreneurs have more educational choices and more intellectual capital resources than at any point in the nation’s history. So, the bottleneck in entrepreneurial dynamism lies in incentives:

However, current and aspiring entrepreneurs repeat a consistent refrain. They want government to control its spending for the sake of long-term interest rate stability. They don’t want to feel like they are on the outside looking in on a state capitalism “green zone.” And the entrepreneurial class seeks relief from the burdens of state licensing and regulatory departments. Entrepreneurs also crave a better business climate with reduced payroll taxes, tax credits for research and development, and more manageable workers’ compensation and healthcare costs.

Many are attracted to states with low or no income and capital-gains taxes. Finally, we need to help entrepreneurs attract seed capital and make it easier to get new business loans without personal guarantees, allowing them to retain larger equity stakes. There will be no meaningful job growth beyond the administrative state without a national embrace of those entrepreneurs that create them. A generation of skilled young entrepreneurs stands ready. Is their government ready for them?

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