PDF from Business Roundtable on the devastating impact of Obama's agenda on business:
Many regulations and legislation – both existing and proposed – exacerbate the uncertainty created by today’s volatile economic environment.They conclude the executive summary with:
Virtually every new regulation has an impact on recovery, competitiveness and job creation. Often that impact is negative. On an individual basis, most businesses can cope with each new regulation. But the collective impact on the economy is enormous, and often harmful.
With a massive new health care law and financial reform legislation looming, companies are more worried than ever about the impact new regulations and legislation will have on their operations and their bottom line. Not knowing what to expect from these pending regulations, businesses are acting cautiously to forestall any negative impact. These actions are squelching economic growth and job creation, as companies are forced to freeze investments and hiring until they understand how they will be affected by these new mandates.
We believe that a new, comprehensive assessment of federal policies and regulations is fundamental to the U.S. economy regaining its competitive strength. Regulators should assess the financial impact of individual and collective mandates, remove existing mandates that have become redundant and increase efficiency through market competition. They should also establish a system for creating new regulations that do not impede private‐sector investment and job creation.
At the same time, the government must reduce spending to manage down deficit and debt. The current levels of U.S. debt, as well as those required to finance the forecast deficits, will crowd out private capital. If less capital is available for corporate borrowers, it will retard future growth and investment, erode the value of the U.S. dollar, accelerate inflation and, eventually, reduce consumer spending power.
Economic recovery must be lead by the private sector, both large and small, if we are going to create jobs and reduce the unemployment rate. In assessing all regulations, the goal should be to reduce uncertainty, fear and overall cost impact while creating a regulatory system that is business‐friendly, cost‐effective, and encourages efficiency.