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.
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