A recent report concluded that the federal government added 43 major new regulations last year, increasing regulatory costs by more than $22 billion. This brings the Obama regulatory record to a stunning 299 major new regulations at a cost greater than $100 billion per year. And expect another surge in President Obama’s final year in office.
If you wonder why the economy is not growing, this is one primary culprit. If it takes several years and thousands of dollars to get permits to start new projects or hire new people, growth is killed. The tax code, environmental regulations, labor protections—these are mostly there to protect things as they are, or used to be. What we need is a dramatic cleaning out of the clogged up tax code and regulatory system in Washington, not adding more.
Our economy is growing at almost precisely half the rate it grew from 1950-2000. We need regulatory reform, not more regulatory growth.[soundcloud url=”https://api.soundcloud.com/tracks/271785064″ params=”color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false” width=”100%” height=”166″ iframe=”true” /]
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