The Weight of RegulationsPosted by Randy | June 14, 2011
According to a report released this month on job creation and America’s future, there has been a 23% drop in the rate of new business creation since 2007, resulting in as many as 1.8 million fewer jobs for Americans.
I believe that the barrage of burdensome federal regulations coming out of Washington contributes to this decline in new business creation. Over the past several years, increasing and complex government regulations have stifled business creation and hindered job growth. In fact, today the Wall Street Journal reported that a new set of EPA regulations alone “will destroy 50,000 jobs and another 200,000 down the supply chain.” This is on top of the thousands of pages of regulations that are already on the books. The Federal Register – which houses all Washington regulations– is 34,000 pages in length and weighs in at more than 340 lbs.
We cannot afford that kind of weight on our already fragile economy. The federal government was not intended to be a barrier to economic growth, and I believe it is time we examine existing and pending regulations to identify and address those that hurt economic growth.
You can read about the REINS Act here, which I’ve cosponsored, that would require Congressional review and approval of any government regulations that have a significant impact on the economy or burden small businesses.
Share your thoughts – do you think burdensome federal regulations are having a negative impact on economic growth?
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