by Charles Hugh Smith
Of Two Minds
Maintaining the status quo of red tape, high taxes, high junk fees and indifference to small business realities guarantees decline and failure.
It’s well known that millions of the jobs counted in employment statistics are part-time or low-paying “gig economy” self-employment. Over 9 million self-employed workers make less than $10,000 per year, and 5.5 million earn less than $5,000 per year. Granted, many of these workers may have other employment, but the point is millions of jobs that are puffing up official job totals are not full-time or even close to full-time.
Nonetheless, employment and new small businesses are expanding in some locales. According to this new study, The New Map of Economic Growth and Recovery (eig.org), growth in jobs and new business has become increasingly concentrated in a handful of high-population metropolitan counties.