A new study released last week found that since the inception of the Obama administration, it has issued an average of 81 major regulations per year – these major regulations have had an economic impact in excess of $100 million, creating a huge drag on our economy. As a whole, the administration has issued an astounding 600 regulations – nearly 200 more than the previous Bush administration, costing taxpayers $743 billion. The question remains, how has this drastic increase in red tape helped ameliorate our sluggish economy and anemic job numbers?
Rather than focusing on increasing the presence of our federal government, we must continue to focus on policies that produce jobs and economic growth, including mitigating the harmful impacts of government overregulation. Our increasing deficits and irresponsible spending must be put to a stop before it is too late. Earlier this year it was announced that President Obama would be spending the remainder of his time in office focused on a number of “government knows best” regulations covering a wide array of areas including labor, finance, and the environment. Rather than improving opportunities and removing barriers, this administration has put up barriers and made opportunities more scarce due in large part to the imposition of these regulations. In the House, I have remained laser-focused on removing many of the regulations this administration would like to effectuate, namely ensuring federal regulatory accountability to keep the federal government from creating barriers to job creation.
It must be noted that these regulations also impose a large burden on all Americans. Implementing these rules causes price inflation harming consumers, which puts yet another burden on our economy. The study done by the American Action Forum estimates that each American will contribute to the implementation of these regulations to the tune of $2,294 – which is no small price to pay. We must do more to protect the American consumer and our small businesses in order to encourage economic prosperity, not stifle them with more red tape.
The federal government far too often forces these harmful rules and regulations on Main Street businesses without adequately considering the negative impact they will have on our most dynamic job creators. While the country has begun to experience modest economic growth, unemployment remains too high in Virginia’s Fifth District, and we must do all we can to remove unnecessary federal regulations as a barrier to job creation.
If you need any additional information or if we may be of assistance to you, please visit my website at hurt.house.gov or call my Washington office: (202) 225-4711, Charlottesville office: (434) 973-9631, Danville office: (434) 791-2596, or Farmville office: (434) 395-0120.
Robert Hurt represents the Fifth District of Virginia in Congress.
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