By Charlie Copeland, Director
Center for Analysis of Delaware’s Economy & Government Spending
March 1, 2023
“That’s the way it is with entrepreneurial people. You try one thing, it doesn’t work, you try another.” — Pete du Pont
Delaware’s unemployment percent rate for December was the 4th worst rate in the Nation at 4.4%. While 4.4% may not sound that “bad,” Delaware’s workforce participation rate simultaneously dropped to historic lows reaching below 60% for only the 2nd time in State history. This means that the official unemployment rate understates the “real” unemployment by 5% or more. Plus, Delaware still has not recovered all the jobs lost during COVID-19. These facts imply that Delaware’s “real” unemployment rate is closer to 10%. (Map Source: Screenshot from U.S. Bureau of Labor Statistics.) |
To fix this problem, Delaware’s government keeps looking for government solutions, which continue to fail. The only way out of an economic malaise like Delaware’s is for entrepreneurs to be able to take risks and thrive. And Delaware has a lot of entrepreneurs. Delaware’s economy now has over 26,000 firms with five or fewer employees. We need these businesses to grow. But Delaware is a rotten place for entrepreneurs because the government has created a destructive economic environment that is crushing Delaware’s small businesses. Some examples: Delaware’s hidden small business income tax (aka The Gross Receipts Tax), The Carney Administration’s introduction of California-based regulations, and The Governor’s failed COVID-19 policies which tanked public education (See GRAPH below). |
| ABOUT CRI: Caesar Rodney Institute (CRI) is a 501(c)(3) non-profit, nonpartisan, public policy research organization in Delaware that provides its public and private sector members with a unique opportunity to work together to develop policies and programs that effectively promote free markets, limited government, and individual liberty. Please visit www.CaesarRodney.org for more CRI News! |
