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.
Photo: Flickr user AN HONORABLE GERMAN.