Across America today, business is working. In the first seven months of this year, private sector employers have added one million individuals to their payrolls. Existing businesses are booming, and the entrepreneurial spirit is alive and well. New business starts – the ones that are most likely to add new employees – have totaled 1,021,221 so far this year. At the current pace, 2023 is on track to be the second-best year on record for the formation of new employer businesses wargaqq.
Even with this success, America could be doing much, much better if our elected leaders focused more on putting wind at the backs of small, medium and large American businesses.
With the presidential debates of the 2024 election season underway, here are a few of the issues candidates should be talking about over the coming months to strengthen America’s economy and global leadership:
The Worker Shortage
American employers are trying to fill 9.6 million open jobs, but for every 100 vacancies there are only 61 people looking for work. The labor shortage that began before the pandemic has only gotten worse. With Baby Boomers retiring and fewer younger people to take their place, this is likely the new normal. By 2031, labor force participation is expected to fall to over 60%, meaning more consumers and fewer workers, which will lead to more shortages and higher prices. What plans do the candidates have to ensure that we have a workforce big enough to meet consumer demand and keep our economy growing wargaqq?