As Republicans accuse President Barack Obama of regulating businesses right out of their ability to create jobs, a new study by Bloomberg News seems to have knocked their talking point down.
The agency reported this week that President Obama has written even fewer business regulations than George W. Bush did when he was president, and Obama’s regulations aren’t as costly as those written by Bush Sr.
The costs of complying with Obama’s regulations, however, is slightly over the costs leveraged by prior administrations’ regulatory efforts, but not by much. Bloomberg estimated that Obama’s rules cost just “three one-hundredths of a percent of the total economy.”
The study also found that the costs for compliance have gone up mostly due to monetary inflation, and not because of additional burdens placed on companies.
Overall, in his first three years, Obama has approved 613 new federal rules, while Bush approved 643.
Bloomberg News’s figures do not take into account cost savings from the benefits of regulations, such as fewer health issues arising from cleaner air and water, or fewer automobile accidents from safer roadways.
Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.
Raw Story is a progressive news site that focuses on stories often ignored in the mainstream media. While giving coverage to the big stories of the day, we also bring our readers' attention to policy, politics, legal and human rights stories that get ignored in an infotainment culture driven solely by pageviews.
Founded in 2004, Raw Story reaches 9 million unique readers per month and serves more than 30 million pageviews.