US Regulations Burden Businesses and Citizens, Costing Over $2 Trillion Annually
Regulations in the USA are causing concern among businesses and citizens alike. They're not just setting standards but also adding significant costs and hindering innovation. Experts warn that Congress needs to act to ease this burden.
The annual cost of regulations in the USA has reached over $2 trillion, a third of federal taxation, spending, and borrowing combined. This heavy toll disproportionately affects small businesses and new entrants, making it harder for them to compete and grow.
The situation is so dire that some USA businesses find it faster to obtain permits in Europe than in their home country. This regulatory environment is stifling innovation, limiting competitiveness, and hindering job creation. It's also making it tougher for ordinary people to build financial security and improve their quality of life.
Government ownership of businesses can exacerbate the problem. Decisions may be made with the next election in mind, not the best interests of customers or the business. Congress, too, has struggled to effectively adapt the legal code to the way Americans live.
Historically, figures like Margaret Thatcher and Ronald Reagan have pushed for deregulation in key sectors like finance, energy, and transportation. However, much work remains to be done. Business leaders are now urging Congress to support bills for deregulation, increased transparency, and the elimination of burdensome commissions, bureaus, and boards.
Excessive and costly regulations are hampering USA businesses and citizens. With an annual cost of over $2 trillion, they're disproportionately affecting small businesses and new entrants. Congress must act to ease this burden, support innovation, and improve the quality of life for all Americans.
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