SOTU FACT: President Obama’s Excessive Regulations Are Holding Back Job Growth
CLAIM: President Obama says his administration is getting rid of regulations that don’t work.
- “[O]ur businesses have created over six million new jobs. … Our first priority is making America a magnet for new jobs and manufacturing.” (President Obama, State of the Union Address, February 12, 2013)
FACT: President Obama’s excessive, burdensome regulations are making it harder for small businesses to create jobs.
- According to the National Federation of Independent Business – the nation’s largest small business advocacy organization – “there are currently 4,128 federal regulations in the pipeline which, if implemented, will impose costs of more than $515 billion on the U.S. economy.”
- Since 2009, the Obama administration has imposed $518 billion in regulatory costs on American job creators and added more than 1.5 billion hours to their paperwork burden, the American Action Forum reports.
- According to the Heritage Foundation, “a total of 106 new major regulations have been imposed” by the Obama administration “at a cost of more than $46 billion annually, and nearly $11 billion in one-time implementation costs” – a five-fold increase over the previous administration.
- According to the Small Business Administration, small businesses pay $10,585 per employee each year to comply with federal regulations – “36 percent more per employee than larger firms.”
- In the most recent U.S. Chamber of Commerce Small Business Outlook Survey, “Almost nine-out-of-ten (86%) of small business owners say they worry about regulations, restrictions and taxes and their negative impact on their ability to do business.”
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BOEHNER QUOTE: “Eight out of 10 small business owners say excessive regulations and high taxes make it harder for them to hire new workers…We made a Pledge to America to focus on jobs and to rein in the red tape factory here in Washington, and we’re keeping our word.” (Speaker Boehner, Video, 7/25/12)
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* * * * * Stay tuned for Republican Address to the Nation by Sen. Marco Rubio (R-FL), LIVE on GOP.gov/SOTU, immediately following the State of the Union message. * * * * *