Regulations: The High Cost of Doing Business
This past week, The Hill reported that the cost of Obama’s regulations for his first term were $518 billion, with nearly half of that –$236 billion – coming in the year 2012 alone. Expensive and prohibitive government policies such as these are the driving force behind the mass exodus of businesses abroad.
The staggering increase in regulations coupled with the the highest corporate tax rate among industrial nations (and now even a much higher tax rate on businesses operating in a non-corporate rate) form the foundation of a very anti-business climate in our current administration — despite what Obama would like you to believe.
It’s not that companies are being offered incentives to move overseas; instead, the reality is that as the government continues to meddle in business affairs, it creates more disincentives to stay. High taxes, legislation such as Dodd-Frank, and entities such as the EPA, SEC and the NLRB contribute to the monstrously rising cost of doing business here with their rules and regs. For many companies, moving abroad is a matter of corporate survival.
For those legislators who continue to insist that government is the solution – instead of recognizing that it is the problem – maybe it is time for them to move on. If Congress did its job to put American workers first by limiting regulations except when absolutely necessary, perhaps our businesses would once again have the liberty to grow and thrive in our great nation and a free market. Congress and this administration are making it very difficult for our own businesses to compete in a global world with a base in the United States.
Overreaching and burdensome regulations are sending companies abroad so that they can get back to the business of running their business, instead of having to doing the business of government compliance.
Crossposted at alanjoelny.com