OK. Now there’s proof. The U.S. economy is becoming more entrepreneurial. And start-up companies are helping drive the U.S. economic recovery.
This HUGE trend was reported in the Wall Street Journal on December 1, 2003 by Jon Hilsenrath.
He points to a U.S. Commerce Department report showing proprietor’s income is up 8.6% over last year, as compared to just a 2.3% increase for corporate employees. He goes on to quote investment strategist Kenneth Safian:
- …the upshot of the latest trend is that more workers are striking out on their own and earning money doing it. The economy, he says, “is becoming more entrepreneurial.”
And we are not talking small dollars here. The article goes on to point out the magnitude of entrepreneurs on the American economy:
- Today, proprietor’s income is taking on a rising share of total national income. At $822 billion, at an annual rate, it now accounts for more national income than the entire manufacturing sector’s wages and salaries.
For more, read: The Self-Employed Boost U.S. Economic Recovery (Wall Street Journal subscription required).