Reining in Government RegulationPosted by Randy | June 01, 2011
Federal agencies issue thousands of regulations impacting all areas of the economy, spanning from attempts to control the Internet and the environment, to mandating calorie counts by chain restaurants and vending machine operators. These regulations have costs in terms of time and manpower in order for businesses and job creators to comply. For example, according to the U.S. Food and Drug Administration, it will take the food service industry 14 million additional hours each year to comply with the new calorie count regulation recently passed along with the new health care law.
According to the Heritage Foundation, the total economic cost of the 43 major regulations imposed by the Administration in 2010 was $26.5 billion. A 2010 report conducted by the Small Businesses Administration revealed that the total cost of federal regulations since 2005 has increased from $727 billion to $1.172 trillion, a $445 billion increase.
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