In his “jobs” speech Thursday night, President Obama claimed: “I ordered a review of all government regulations. So far, we’ve identified over 500 reforms, which will save billions of dollars over the next few years.”
In reality, the White House currently has 5,000 more regulatory actions waiting in the wings. Regulations under the Obama administration have stifled economic growth and eliminated job opportunities for Americans across the country.
According to the 2011 Cost of Government Report, the President’s projected $2.5 billion increase in regulatory budgets in 2012 will cost the economy 6.2 million jobs over five years. What’s more, Obama’s suggested regulatory reviews take credit for regulations never really enacted; the “billions” in savings he imagines under this guidance are imaginary, while the costs of actual rulemakings imposed on employers are real.
Regulatory overreach from the Obama Administration has and will continue to punish business:
-Technology: The FCC enacted “Net Neutrality” to regulate the Internet for the first time in history and approved new, costly roaming mandates on wireless providers with little legal authority. Meanwhile, the Department of Justice is using its regulatory power to stall investment and job-creation by attempting to halt the AT&T and T-Mobile merger.
-Banking: The Dodd-Frank Act promises over 500 new regulations that prevent lending and raise costs for consumers and small business. New price controls on debit card transactions have eliminated free checking. The Volcker Rule will stymie investments deemed “too risky” by bureaucrats. A new financial regulatory agency has proposed over 60 regulations that will limit credit and lending to small businesses.
-Energy: Requiring America’s energy producers and utility companies to meet arbitrary emissions and efficiency standards, the EPA has prolonged job creation and induced layoffs. With compliance costs totaling in the tens of billions, many of America’s energy producers have no choice but to close their doors, increase energy prices, or fire workers.
-Labor: With union membership declining, the Obama Administration has utilized the National Labor Relations Board, National Mediation Board, and Department of Labor to inflate unions’ numbers by changing union election laws, rolling back transparency measures and codifying card check.