After showing some improvement over the past year, the U.S. job market is now beginning a double-dip.
The reason is simple: The number of start-up businesses has hit its lowest level since at least the early 1990s.
Indeed, small businesses are the main drivers of job growth and no amount of stimulus can compensate for their absence.
For instance, between the recession that ended in late 2001 and the start of the most recent recession in late 2007, businesses that employed fewer than 500 workers added nearly 7 million employees, according to ADP payroll services. Larger businesses cut nearly 1 million employees in that period.