The General Assembly has taken over full control of the budget process. Or should I say that the Democrats, who control both chambers of the General Assembly, have taken over the budget process. The Governor is pretty much out-of-the-loop at this point. So now we have dueling Majority Leaders – Sen. DeLuca and Rep. Schwarzkopf. Each one is trying to show how strong he is and so both chambers have come to a complete standstill – generally refusing to run each other’s bills.
So, while Delaware’s jobs bleed away, there remains no talk of economic revitalization. Pity. The Kauffman Foundation just released a report called The Economic Future Just Happened. Let me quote from the introduction:
This research study, analyzing data from the U.S. Census, the Fortune 500, and the Inc. list of America’s fastest-growing companies, presents three main findings:
- Recessions and bear markets, while they bring pain and often lead to short-term declines in business formation, do not appear to have a significantly negative impact on the formation and survival of new businesses.
- Well over half of the companies on the 2009 Fortune 500 list, and just under half of the 2008 Inc. list, began during a recession or bear market. We also find that the general pattern of founding years and decades can help tell a story about larger economic trends.
- Job creation from startups is much less volatile and sensitive to downturns than job creation in the entire economy.
While these data are far from conclusive and can only hint at broader trends, they do illustrate a more fundamental economic reality: each year, new firms steadily recreate the economy, generating jobs and innovations. These companies may be invisible, or they may one day grow into household names. But they constantly come into being as individuals bring forth their economic futures.
Furthermore, according to the Milken Institute, Philadelphia ranks 2nd in the nation in as a life sciences cluster, which should be reason for optimism.
Ahh… But, after the Democrats have controlled the Governor’s Mansion for 17 straight years and the Senate for 37 straight years. And after the Democrats have controlled New Castle County and Wilmington for years. Delaware was ranked 50th in Entrepreneurial activity in the Nation by the Kauffman Foundation.
Yep, perfect time to raise taxes on business and hardworking taxpayers – just when the new economy might be getting started.
