With Tuesday’s election, it can be expected that the economy will continue to struggle to grow. One of the reasons for this is the onerous regulations being put on the American economy.
The anecdotes for how regulations hurt small businesses are numerous – employer mandates for health coverage, for example, give big businesses that can afford the coverage a huge advantage – but the statistics are even more devastating. A November 4th column on regulations provides one devastating statistic. According to the report major regulations, those costing $100 million or more, were put into place under President Obama at a rate between one-fourth more to four times as much (depending on which organization you listen to) as President Bush instituted in a similar time period.
In September, I did another blog post on regulations, using a Competitive Enterprise Institute study on their economic impact. According to the study, regulations are equivalent to 11.69% of our economy. That’s atrocious, and devastating to economic growth.
What can be done? While many of these regulations would ideally be eliminated, perhaps along with their overseeing agencies, this is not going to happen. What can be done is for the House to add amendments to all spending bills that would cut off any future regulatory authority, and perhaps overturn recent regulations, such as those from the EPA regarding coal. This would force those who want to overregulate our economy to either go without a budget – which they’ve done for several years anyway – or back off on regulations in addition to actually passing a budget.