President Obama signed an Executive Order this week that will initiate a “government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.”
Over at AOL News, Wayne Crews and I explain why this will hardly change a thing. We also offer 6 suggestions for reducing regulatory burdens with a minimum of political pain. Here are three of them:
- Appoint an annual bipartisan commission to comb through the books and suggest rules that deserve repeal. Congress would then vote up-or-down on the repeal package without amendment, to avoid behind-the-scenes deal-making.
- Require all new regulations to have built-in five-year sunset provisions. If Congress decides a rule is worth keeping, it can vote to extend it for another five years.
- Consider Sen. Mark Warner’s, D-Va., “one in, one out” proposal, which holds that for every new rule that hits the books, an old one must be repealed.
Read the rest here.
Posted in Publications, regulation
Tagged aol news, bipartisan commission, executive order, obama, regulation, regulatory burdens, regulatory reform, regulatory reform commission, Ryan Young, sunsets, wayne crews
Last year Americans paid $989 billion in income taxes (Happy Tax Day!). What you probably don’t know is that federal regulations cost as much as the income tax plus another quarter-trillion — $1.24 trillion in all.
Wayne Crews catalogues the damage in the freshly-released 2010 edition of “Ten Thousand Commandments.” Well worth a read.
If you don’t have time to read the full study, Wayne and I summarize the main findings over at AOL News.
A few numbers you should be aware of: 3,503 new regulations passed last year. Hardly any were repealed. More than 95 percent of the cost is off-budget, since the private sector pays for regulatory compliance costs. That means the burden of government is about a third higher than what it spends — in all, about 30 percent of the economy goes to paying for the federal government
Posted in Economics, Publications, regulation
Tagged 10000 commandments, 10kc, aol news, deregulate to stimulate, regulation, regulation without representation, Ryan Young, ten thousand commandments, wayne crews