In this opinion piece, Ross Simmonds highlights a pressing issue facing Canada: the alarming decline in entrepreneurship over the past two decades. Despite the country’s population increasing by 10 million, there are now 100,000 fewer entrepreneurs than there were 20 years ago. Simmonds points out that Canada ranks poorly in economic freedom compared to U.S. states, which could be exacerbating the crisis plaguing the middle class, who are struggling with record levels of household debt while government spending is increasing at a much faster rate than the private sector.

The article notes that the rate of new entrepreneurs has decreased drastically, falling from three per 1,000 Canadians in 2000 to just 1.3 per 1,000 by 2022. This decline, Simmonds argues, is unsustainable and must be addressed, as new businesses are crucial for job creation in the country, according to Pierre Cléroux, Chief Economist at the Business Development Bank of Canada. Simmonds calls for a cultural shift in Canada where capitalism is embraced rather than rejected, arguing that entrepreneurship is essential not just for economic recovery, but for the very identity of the country.

Simmonds emphasizes that entrepreneurship is a vital component of economic resilience and a pathway to alleviate financial distress for the middle class. He argues that fostering an environment conducive to business creation can invigorate the economy and provide opportunities for Canadians across all demographics. The plea to embrace capitalism reflects a broader call for revitalizing Canada’s economic landscape through increased support for entrepreneurs and businesses.