Not according to 200 members of the National Association for Business Economics.
“Eighty percent of survey respondents felt that the current regulatory environment was ‘good’ for American businesses and the overall economy,” concluded NABE, in its August 2011 Economic Policy Survey.
NABE is the largest international association of applied economists, strategists, academics and policy makers committed to the application of economics, was founded in 1959 and is one of the member organizations of the Allied Social Sciences Association.
Recently, the Obama administration unveiled nearly 500 changes aimed at saving businesses money in a number of different ways such as consolidating their IRS paperwork, simplifying hazard warnings they must post for workers and expediting payment to government contractors.
The changes are meant to save more than $10 billion over the next five years and bolster job and economic growth, or so the White House hopes.
But according to Speaker of the House John Boehner and Sen. John Barrasso (both Republicans), the administration has proposed more than 340 regulations at a cost of more than $65 billion to businesses.
After much research and several Google searches, we have been unable to come up with any actual factual basis for the claim.
Diane Katz, a regulatory policy research fellow at the Heritage Foundation, told the Los Angeles Times that when all the regulations imposed in the first two years of Barack Obama’s term are fully implemented, they will cost businesses roughly two-thirds the total expense from the rules generated in Bush’s eight years in office.
We hope the Obama administration continues to look at the current regulatory environment and changes those regulations that need to be changed, eliminate those no longer needed and institute those that are absolutely required.
The Brattleboro (Vt.) Reformer (Aug. 30)