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Mar 16, 2009

Regulatory Costs

Take the pressure off
03/16/09 - WashingtonTimes by Wayne Crews

Lifting heavy regulation by government would be a big stimulus.

[edited] America now has the biggest government in world history. It will spend $3.55 trillion ($3,550 thousand million), before counting President Obama's ambitious "stimulus" agenda.

Renewable energy, carbon caps, internet neutrality, and universal health care will cost trillions more. There are also hidden regulatory costs these and other proposals will impose on American business and the people.

The Federal Office of Management and Budget seeks public comment on how “to improve the process and principles governing regulation.” We're glad they asked!

Nearly 70 agencies created 4,004 rules in 2008, and the Federal Register of regulations adds almost 80,000 pages annually. These regulations on business, health, safety, and environment cost an additional $1.2 trillion annually.

Deregulation would stimulate the economy. But, federal agencies rarely admit that rules are poorly targeted or too costly. For example, a 15 MPH speed limit would save lives. A benefit could be claimed, if you ignore the costs hidden in delays. Costly agency regulation isn't affordable anymore.

The recent Consumer Product Safety Improvement Act (CPSIA) regulates testing of items intended for use by children. This "zero tolerance" regulation is threatening to close 10,000+ small businesses that make children's goods such as quilts, toy blocks, and books.

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