Tuesday, January 15, 2008

Fewer Self-Employed

So much for America's entrepreneurial spirit. Self-employment is disappearing in the United States as workers cry uncle in the health insurance wrestling match. According to Bureau of Labor Statistics' projections, the percentage of non-agricultural workers who are self-employed will fall even lower than its current miniscule level of 6.7 percent during the next ten years.

Interestingly, the BLS forsees this decline despite the baby-boom generation's entry into the prime age of self-employment: 65-plus. People aged 65 or older are more likely to be self-employed than younger adults because Medicare—the universal health insurance program for the nation's elderly—solves their health insurance problem. 

The projected decline in self-employment despite the aging of boomers means only one thing: self-employment among younger Americans will drop to rock-bottom levels as Americans become contortionists in their hunt for affordable health care coverage.

Source: Bureau of Labor Statistics

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