Overregulation is a job killer and hurts businesses and economic growth across America. The current drive to impose more and more burdensome regulations is an albatross around the necks of manufacturers in the U.S. You’ve heard it countless times from the NAM and other business organizations and a poll out this week from Wells Fargo/Gallup documents the fact that business owners believe the most important problem they face is complying with government regulations.
“Looking ahead to 2012, approximately one in three small-business owners say they are very or moderately worried about going out of business. About the same number are worried about not being able to compete with large or global competitors, not being able to hire the number of employees they need, and not being able to pay their employees. Thirty percent worry they will have to reduce their number of employees.”
As the NAM’s Manufacturing Renaissance notes, including regulatory costs it’s already 20% more expensive to manufacture in the U.S. than anywhere else in the world. Unnecessary regulations simply make it harder for businesses to succeed. These results make it clear that we need to limit the red tape and bureaucracy that manufacturers face in order to restore economic growth and job creation.