According to the AFP, President Obama “shrugged off” this morning’s miserable economic news, and instead focused on the phony unemployment rate which keeps falling as more and more Americans despairingly give up on looking for work.
“After the worst economic crisis since the Great Depression, our businesses have now created more than 4.2 million jobs over the last 26 months (and) more than one million jobs in the last six months alone,” Obama said at a school in the crucial election swing state of Virginia.
Of course he didn’t mention the news that the number of new companies created has hit an all time low.
The rate of new company creation in the United States dropped to a record low in 2010, according to a survey by the US Census Bureau’s Center for Economic Studies and the Ewing Marion Kauffman Foundation.
Researchers found the business startup rate fell to 7.87 percent,Reuters reported. It’s the first time it’s dipped below 8 percent. The startup rate was at its highest in 1987, when it was 13.02 percent.
New firms as a percentage of all firms also decreased in 2010, the data, published on Wednesday, show. New companies – defined as firms less than five years old – were 35 percent of all companies in 2010, down from 49 percent in 1982, CNN reported.
Only 12 percent of US employment in 2010 was at new companies, compared with 20 percent in the 1980s, Reuters reported.
Good grief. Atlas is shrugging.