I’d like to compare this with Europe. What’s the trend over there, when did it start and what caused it? I’d expect, if this is driven by regulatory capture and an anti-commerce socialist climate, that Europe would be even worse off or that the trend would have started earlier.
Here’s I’d mainly blame the tax and regulatory regime, plus student debt and the lack of a real RE recovery (people borrow against their equity to form businesses or use credit card debt). Look at Kickstarter which is essentially a stock market without opportunity for the upside. Why are people boxed out of these opportunities and great ideas? SEC regulations.