A guide to ending America's jobs emergency by accelerating thetrue engine of job creation—start-ups
Four years after the end of the Great Recession, 23 millionAmericans remain unemployed, underemployed, or have left theworkforce discouraged. Even worse, Washington policymakers seem outof ideas.
Where the Jobs Are: Entrepreneurship and the Soul of theAmerican Economy shows how America can restore its greatjob-creation machine.
Recent research has demonstrated that virtually all net new jobcreation in the United States over the past thirty years has comefrom businesses less than a year old—true "start-ups."Start-up businesses create an average of three million new jobseach year, while existing businesses of any size or age shed a netaverage of about one million jobs annually.
Unfortunately, the vital signs of America's job-creatingentrepreneurial economy are flashing red alert. After remainingremarkably consistent for decades, the rate of new businessformation has declined significant in recent years, and the numberof new jobs created by new firms is also falling.
In Where the Jobs Are, the authors recount the findingsof a remarkable summer they spent traveling the country to meet andconduct roundtables with entrepreneurs in a dozen cities. More than200 entrepreneurs participated—explaining in specific andvividly personal terms the issues, frustrations, and obstacles thatare undermining their efforts to launch new businesses, expandexisting young firms, and create jobs. Those obstacles include adangerously underperforming education system, self-defeatingimmigration policies that thwart the attraction and retention ofthe world's best talent, access to capital difficulties, a mountingregulatory burden, unnecessary tax complexity, and severeWashington-produced economic uncertainty.
- Explains how start-ups are different from existing businesses,large or small, and why they represent the engine of jobcreation
- Reveals how policymakers' failure to understand the uniquenature and needs of start-ups has undermined efforts to stimulatethe economy following the Great Recession
- Presents a detailed, innovative, and uniquely credible 30-pointpolicy agenda based on what America's job creators said theyurgently need
Engaging and informative, Where the Jobs Are reveals withunprecedented precision and clarity the major obstacles underminingthe fragile economic recovery, and provides a vitally importantgame plan to unleash the job-creating capacity of theentrepreneurial economy and put a beleaguered nation back towork.
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About the Author
JOHN DEARIE is Executive Vice President for Policy at theFinancial Services Forum. Prior to joining the Forum in 2001, hespent nine years at the Federal Reserve Bank of New York, where heheld positions in the banking studies, foreign exchange, and policyand analysis areas. His writing has appeared in the Wall StreetJournal, Financial Times, Politico, American Banker, andChina's Caijing magazine. Dearie lives with his wife and twochildren in Great Falls, Virginia.
COURTNEY GEDULDIG is Vice President of Global RegulatoryAffairs at Standard & Poor's. Prior to joining S&P, she wasmanaging director and head of federal government relations at theFinancial Services Forum. Geduldig served as chief financialcounsel to Senator Bob Corker (R-TN), handling a wide range ofissues including financial markets, housing, banking, taxes,manufacturing, and international trade finance, and playing a keyrole in drafting and advising Senator Corker on the Dodd-Frank WallStreet Reform and Consumer Protection Act. She also spent two yearsas the deputy assistant secretary for banking and finance at theU.S. Treasury Department. Geduldig is a member of the MarylandState Bar and lives with her husband, son, and daughter in McLean,Virginia.
Table of Contents
Foreword Norman R. Augustine ix
Preface Rob Nichols xiii
Chapter 1 America's Jobs Emergency 1
Chapter 2 Not Just Small Businesses . . . New 15
Chapter 3 On the Road with America's Job Creators 23
Chapter 4 "Not Enough People with the Skills We Need" 31
Chapter 5 "Our Immigration Policies Are Insane" 53
Chapter 6 "Not All Good Ideas Get Funded Anymore" 73
Chapter 7 "Regulations Are Killing Us" 107
Chapter 8 "Tax Payments Can Be the Difference between Survivaland Failure" 119
Chapter 9 "There's Too Much Uncertainty—and It'sWashington's Fault" 131
Afterword Senator Jerry Moran (R-KS) Senator Mark Warner (D-VA)183
Appendix Summary of Recommendations 187
About the Authors 235
What People are Saying About This
“Three years ago John Dearie and Courtney Geduldig, who both worked for the Financial Services Forum, which represents America’s biggest financial institutions, came up with an inspired idea. Why not ask entrepreneurs themselves what is going wrong? Both big multinationals and established small firms have lots of representatives in Washington, DC. Entrepreneurs are too busy inventing their companies to spend time lobbying. The pair organized meetings and conducted lots of polls. Across a vast and diverse country they heard the same message from everyone they asked: entrepreneurship is in a parlous state. And everyone pointed to the same problems. The result is a new book, “Where the Jobs Are”, which should be dropped onto the heads of America’s squabbling politicians.”