Obamacare Performs Miracle Time Machine Destruction of Past Economy

Pablo Martinez Monsivais/AP

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In Wednesday’s debate, Carly Fiorina said this: “We have 400,000 small businesses forming every year in this country….The bad news is, we have 470,000 going out of business every year. And why? They cite Obamacare.”

Later that night, I spent more time than I’m willing to admit trying to track down that number for business closures. Today, via Steve Benen and the Washington Post, I found it: it’s from a 2014 Brookings study about business dynamism. Annotated chart below. So there we have it. Mystery solved. Small business closures have been rising steadily since Reagan was president, and in 2011 the number hit 470,000. And the reason they closed is because of Obamacare. Who would have guessed?

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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