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Federal government regulation and spending continues to climb under a spend-happy administration. Just as concerning, yet not as obvious, is the impact of federal regulations. When the government increases regulation on businesses, it increases the cost of doing business which increases prices for the consumer. The Competitive Enterprise Institute puts together an annual report called “Ten Thousands Commandments” that attempts to measure the burden of government regulation. Here are some of the highlights from the 2011 report.
• Estimated regulatory cost are equivalent to over 48% of federal government spending itself
• Regulatory compliance costs totaled over $1,700 billion last year, surpassing total individual income taxes, corporate income taxes, and corporate pretax profits for 2011.
• These regulatory compliance costs are equivalent to 11.7 percent of U.S. gross domestic product (GDP) in 2011
• The total amount of new rules issued by agencies in 2011 was over 3,800. The EPA’s Utility MACT rule will become the most costly rule ever released by the agency if it’s not stopped by Congress this month
• The 2011 Federal Register-a compilation of all federal regulatory activity- was over 81,000 pages in length
• Of the 4,128 regulations issued in 2011, 212 were considered major rules, with an economic impact of at least $100 million or more
• Of the 4,128 regulations issued, 822 affected small businesses which have a much harder time swallowing increased compliance costs compared to corporations
Our current economic situation in America is dismal. In an economy where businesses are struggling to stay afloat and 8.2 percent of Americans are unemployed, increased government regulation is not the answer. New regulation, including the $10 billion Utility MACT rule, will increase costs for power plants across America, causing an increase in the price of electricity, while cutting American jobs and suffocating our economic recovery.
Support S.J Res. 37, a resolution of disapproval introduced by Sen. Jim Inhofe to stop the EPA’s costly regulation! Sen. Jim Inhofe, recognizing the affects that the Utility MACT rule will have on our economy, introduced this resolution of disapproval under the Congressional Review Act (CRA). If passed, this resolution would overturn the EPA’s costly regulation. Under the CRA, slow procedural hurdles are eliminated and the resolution of disapproval can pass the Senate with a simple majority. Call your Senator right now and ask them to support S.J Res. 37 in order to save American jobs and our economy.