HobbsOnline offers more evidence for our current entrepreneurial recovery. He reports on data showing that the formation of LLC’s (one of the most popular type of business entity for new ventures these days) hit an all time record in 2003 in Tennessee. This is not some statistic that has been steadily going up year after year. After peaking in 1998, the formation of LLC’s in Tennessee plunged as a result of the Clinton recession in 1999 and did not really begin a robust recovery until 2002 under the current entrepreneurial economic recovery. We must be very careful not to become as myopic in our interpretation of the current economic conditions as most in Washington and Wall Street seem to be. This is a main street recovery, and is creating true economic empowerment for many new entrants into our free enterprise system.
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