Americans filed 578,926 new business applications in July, the highest monthly total on record and evidence the Trump administration is making entrepreneurship easier, Treasury Secretary Scott Bessent argued Tuesday.

The July figure represents an 8.1 percent jump from June and a 23.4 percent increase over the same month last year. Bessent highlighted the surge at a Breitbart News event, pointing to it as proof the administration is successfully reprivatizing the economy and reducing regulatory barriers that had strangled small business formation.

AI Empowers Lean Operations

Artificial intelligence is helping small businesses operate with fewer people, which could unleash a startup boom across the country, Bessent explained. The technology lets entrepreneurs run viable operations without the overhead that once required teams of employees, lowering the barrier to entry for Americans with business ideas but limited capital.

The startup wave marks a sharp departure from recent decades when big corporations dominated and small business formation stagnated. Bessent framed the entrepreneurial surge as validation that Trump's deregulation agenda is working, creating an environment where individuals feel confident launching ventures rather than seeking corporate jobs.

Record Breaking Business Formation

The Census Bureau's seasonally adjusted data stretches back to July 2004, making the current month's total the highest in over two decades of tracking. The administration sees the numbers as vindication of its business friendly policies, including tax cuts, reduced compliance costs, and a general shift away from government intervention in private markets.

The pattern first emerged during the pandemic when Americans facing lockdowns and economic uncertainty turned to self employment and side businesses. Unlike previous surges that faded once conditions normalized, this entrepreneurial wave has accelerated under Trump rather than subsiding.

Reprivatizing the Economy

Bessent has consistently argued the previous administration expanded government involvement in markets to unsustainable levels. From pandemic relief programs to industrial policy initiatives, he contends Washington had encroached too far into areas better left to private enterprise.

The startup boom suggests Americans agree and are seizing opportunities as regulatory burdens lift. New business applications span industries from technology and professional services to retail and manufacturing, indicating broad based entrepreneurial activity rather than isolated pockets.

Critics counter that many startup applications never translate into sustainable businesses with employees and meaningful revenue. They warn that counting applications as economic success inflates the administration's achievements when survival rates tell a different story.

The Treasury Secretary dismissed such concerns, noting that even failed ventures generate learning and experience that benefit the economy over time. He argued a culture that encourages risk taking and tolerates failure produces more innovation and growth than one where potential entrepreneurs fear stepping out on their own.