Entrepreneurs Create Jobs, Not the Wealthy

Guest blogger today for Patch:

Driving home today I was listening to the radio and yet another discussion of the politics of the debt ceiling and financial challenges facing our country.  On more than one occasion I heard the comment “wealthy people create jobs” as an argument to against increasing taxes on the wealthiest Americans.

The tax policy debate aside, the statement is just wrong.  Entrepreneurs create jobs, not the wealthy.

Read the entire post here.

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America’s Competitive Advantage

As an advocate for entrepreneurship, in late 2005 I was asked by a friend to write an article about my thoughts on entrepreneurship and immigration policy.  Researching that article I cam across some very interesting statistics on the productivity of foreign-born entrepreneurs, the United States dependence on foreign minds and the most surprising, that during the dot.com 1990s, more than 50% of start-up companies in silicon valley were started by foreign-born nationals.  In a nutshell, America’s competitive advantage is its ability to attract foreign entrepreneurs and innovators.

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Entrepreneurship: US dependence on Foreign Minds

By Chris Dornfeld for Biotrends, Nov./Dec. 2005

A recent report by the Kauffman Foundation highlights the “substantially higher rates of entrepreneurship among immigrants as compared to U.S.-born individuals.” (1). This should come as no surprise if we think about what type of person would be willing to uproot and travel to a new country in pursuit of a better life. But what is interesting is how little attention is given to the recent contributions that foreign-born nationals make to the U.S. economy. Continue reading →