Remember earlier this year when the President told Americans that he had instructed his administration to review all regulations as he had discovered that excessive federal regulations actually hurt business, the economy, and jobs? On Tuesday of this week, the administration, through Cass Sunstein, from the White House Office of Management and Budget, proudly released the results of this in depth review.
To truly appreciate this momentous occasion, you first need to know that the Congressional Budget Office estimates that federal regulations cost the economy $1.75 trillion each year. Of course, you and I pay for that in the form of higher prices for virtually everything we purchase, and less employment as business is required to spend money on regulations, not employees.
Mr. Sunstein’s announcement will fix that. The administration, with Herculean effort, has gotten rid of regulations that will save business (I hope you are sitting down) $10 billion over 5 years. Feel better now?
If you don’t, you are not alone.
House Majority Leader, Eric Cantor (R. Va.) called this announcement, “underwhelming”.
But, before I end this post, I found this statistic in the last link interesting.
According to current estimates, taxpayers and businesses spend around 6 billion hours a year on tax compliance.
Six billion hours? Let’s see, there are 24 hours in a day…