Industrial Insight

regulated out of business… | February 27, 2012

http://www.realclearmarkets.com/articles/2012/02/27/stop_feeding_the_800-pound_regulatory_gorilla_99537.html
February 27, 2012

Stop Feeding the 800-Pound Regulatory Gorilla

By Mario Kranjac

In case you missed it, Gallup released a revealing poll recently showing just how bad the regulatory nightmare has become for America’s small businesses. According to the poll, the number one concern among small-business owners in the United States today is-you guessed it-complying with government regulations. Almost a quarter of respondents said this is the most important problem facing them today.

To make matters worse, the regulatory gorilla is on a feeding frenzy with policymakers only too happy to feed its insatiable appetite. And the cost is substantial. According to a study for the Small Business Administration, regulations add a staggering $10,585 in costs per employee. In an age of fierce global competition, this is a cost America can ill afford.

While President Obama has acknowledged the need to minimize regulations, the number is still mushrooming out of control. Obama administration regulations on new business rose to 3,573 final rules in 2010, up from 3,503 in 2009-the equivalent of about 10 per week. Meanwhile, the 2010 volume of the Federal Register stands at an all-time record-high 81,405 pages composed of final rules, proposed rules, meeting notices and regulatory studies!

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About author

I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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