Labor Day: A Day to Celebrate All Human Capital

By at 1 September, 2017, 12:27 pm


SBE Council Notes Troubling Shortage of Entrepreneurship


Washington, D.C. – Looking ahead to Labor Day, Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), explained that the holiday is a day for celebrating all human capital, especially the entrepreneurs who drive economic and employment growth.

Writing in a piece titled “Labor Day and Struggling Level of Entrepreneurship,” Keating observes:

“If we’re willing to put aside politics, and get serious about what actually benefits American workers, then Labor Day should be a combined salute to workers and entrepreneurs. After all, our economy is not about some politically-conjured-up fiction regarding a conflict between labor and business owners. Instead, free enterprise is about labor and capital, if you will, working together.”

Keating goes on to note a troubling dearth of entrepreneurship hindering the U.S. economy and all workers. SBE Council has conservatively estimated that the U.S. is suffering a shortfall of some 3.4 million businesses. He particularly highlights that, according to the latest data from the U.S. Bureau of Labor Statistics, “the number of unincorporated self-employed declined rather notably from December 2016 to July 2017. The July level of 9.183 million (seasonally adjusted) was the lowest since July 2014, and remained off markedly from the pre-recession high of 10.9 million in April 2005.”

Keating concludes, “If the labor union movement – which has lost membership but sustains political power – were to deal with economic reality, then it would be leading the way along with small business for an agenda of tax and regulatory relief and reform that would enhance incentives for entrepreneurship, private investment, and quality job creation for America’s workforce.”


Raymond Keating,


SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: Follow on Twitter: @SBECouncil

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