Hundreds of thousands of new companies are missing from the economy, according to a new report underscoring America’s slow economic growth under President Obama.

According to the Economic Innovation Group (EIG), there were 166,500 new businesses founded between 2010 and 2014. This is far less than the 421,000 created from 1992 to 1996 and the 405,000 created from 2002 to 2006.

Nearly 60 percent of all counties in America saw more businesses close than open in the same time period.

The loss of entrepreneurship is just one of several recent indicators that most of President Obama’s term has been marked by slow economic recovery, even as Obama praised his record this week in Indiana. The official national unemployment rate was five percent in April, but just 160,000 jobs were added. And as The Stream previously reported, America’s productivity growth from 2010 to 2015 has been the lowest going back more than six decades.

Forbes contributor Michael Malone said the lack of entrepreneurship can be linked to both of the last two presidents, as well as Congresses under both parties. According to Malone, prosecutions in the tech industry during the Bush presidency scared away investments, and regulatory burdens under Obama created additional barriers to success.

According to Malone there have been “nearly 21,000 new regulations on businesses since President Obama took office in 2009,” and that that is just the beginning of the new burdens laid on entrepreneurs. Others Malone listed:

Stock market rules that make going public nearly impossible – thus forcing new companies to ultimately sell out to larger competitors. Added healthcare costs for small companies under Obamacare. New FCC rules that crush investment and innovation in Internet enterprises. A rising minimum wage and new overtime rules that not only punish small retailers but cash-starved startups.

“The list goes on and on,” wrote Malone.