This is why America’s economic engine is losing steam

Sorry to ruin your breakfast but this new study by nonprofit research group the Economic Innovation Group has some sobering numbers on the state of the American economy. A creative and growing economy has always depended on new firms to replace dying industries, and this pattern has been repeated in this country for centuries. But that halcyon period may be over, with business closings remaining steady while “the rate of new business formation has plummeted, falling by half since the late 1970s,” says the EIG. As a result, the “cycle of creative destruction falls out of balance.” Good morning!

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