In November and ahead of Small Business Saturday, President Biden announced that, under his administration, "there were a record 14.6 million applications filed to start businesses." Like any politician, was quick to take credit for this “boom” in startups.

“(It’s) a sign that the historic investment in small businesses is driving confidence and optimism from entrepreneurs, and generating more resilient and competitive markets,” the president said in a statement.

He’s right about one thing: startups are certainly booming.

In 2020 — and before Joe Biden took office — there was a significant surge in new business formation applications in the United States. Data from the U.S. Census Bureau shows that over 4.3 million new business applications were filed that year, representing a more than 24 percent increase compared to previous years.

In 2021, that trend continued, with nearly 5.4 million new business formation applications filed. In 2022, the number then dropped to around 5 million. The number of new business formations through October, annualized, are on the same pace.

There's little debate that businesses have been starting up at levels not seen since the 1990s. The question is, why? And is this really a boom? Is it because of the president’s economic policies? Or is there something else going on?

Until more research is done, there are still few concrete answers to these........

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