How are excessive regulations hurting the American economy?
The scope and complexity of many regulations are stifling American businesses to the tune of $2 trillion annually, a figure that would make up more than half of the entire federal budget. This has resulted in the U.S. productivity growth rate dropping to nearly half its historical rate.
How do excessive or poorly designed regulations impact businesses, especially small businesses?
Government regulations impose huge costs on businesses. Federal regulations cost businesses just under $10,000 per employee annually, with the annual total cost burden on the typical U.S. business coming in at a whopping $233,182. And while the cost of regulatory compliance impacts all businesses, the cost to ensure full time employees are in compliance with government regulations is 10 times higher for small businesses than larger ones.
How does excessive or poorly designed business regulation affect me and my community?
Businesses pass the cost of regulatory compliance onto consumers, impacting everything from consumer goods to insurance to utility bills. Regulatory costs amount to an average of $14,976 per household—around 29 percent of an average family budget of $51,100. Additionally, since 56 million Americans work for a small business, the cost of regulatory compliance affects every community in America.