- Feb 12, 2007
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One aspect of Obamanomics that has been overshadowed by the spending and tax discussions is the vast increase in regulations which are suffocating the recovery.
219 regulations costing a minimum of $100M/year each are in the queue for implementation. When the private sector is forced to absorb more than $200B of increased over ten years, jobs are Not Created.
And Obama these are on top of the estimated $380B that Obama has already been enacted.
The report by the House Oversight and Government Reform Committee headed by Rep. Darrell Issa, R-Calif., took aim at Obama's "regulatory tsunami" and concluded that the pace and scale of new regulations threatens the ability of the government to fulfill even its most basic regulatory functions. Here's how the congressional panel summarized its conclusions:
"The Obama Administration has created a regulatory environment that is suffocating America's entrepreneurs' ability to create jobs and grow businesses, ... This regulatory tsunami has caused job creators to lock down at a time when we need them to expand. The committee has found that the problems created by this regulatory tsunami goes far beyond the cost of the regulations themselves, but also include breakdowns in the regulatory process itself that is having a severe impact on large and small businesses alike."
Specifically, the panel found at least 219 "economically significant regulations in the pipeline, which if finalized, will impose costs of $100 million or more annually on the economy." That's a minimum of $219 billion in added costs to do business in this country over the next decade. Even worse, the panel found the Obama bureaucrats have already imposed 75 major new regulations that are projected to add another $380 billion in costs.
The Issa panel concluded that, as a result of this flood of new rules, "the regulatory process is broken" and that it is "being manipulated and exploited in an effort to reward allies of the Obama administration such as environmental groups, trial lawyers and unions."
Why the U.S. economy is headed for a double dip | Examiner Editorial | Opinion | Washington Examiner
219 regulations costing a minimum of $100M/year each are in the queue for implementation. When the private sector is forced to absorb more than $200B of increased over ten years, jobs are Not Created.
And Obama these are on top of the estimated $380B that Obama has already been enacted.
The report by the House Oversight and Government Reform Committee headed by Rep. Darrell Issa, R-Calif., took aim at Obama's "regulatory tsunami" and concluded that the pace and scale of new regulations threatens the ability of the government to fulfill even its most basic regulatory functions. Here's how the congressional panel summarized its conclusions:
"The Obama Administration has created a regulatory environment that is suffocating America's entrepreneurs' ability to create jobs and grow businesses, ... This regulatory tsunami has caused job creators to lock down at a time when we need them to expand. The committee has found that the problems created by this regulatory tsunami goes far beyond the cost of the regulations themselves, but also include breakdowns in the regulatory process itself that is having a severe impact on large and small businesses alike."
Specifically, the panel found at least 219 "economically significant regulations in the pipeline, which if finalized, will impose costs of $100 million or more annually on the economy." That's a minimum of $219 billion in added costs to do business in this country over the next decade. Even worse, the panel found the Obama bureaucrats have already imposed 75 major new regulations that are projected to add another $380 billion in costs.
The Issa panel concluded that, as a result of this flood of new rules, "the regulatory process is broken" and that it is "being manipulated and exploited in an effort to reward allies of the Obama administration such as environmental groups, trial lawyers and unions."
Why the U.S. economy is headed for a double dip | Examiner Editorial | Opinion | Washington Examiner
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