By Carole on Sep 26, 2011
Stanford University Economist John B. Taylor and Manhattan Institute Senior Fellow Diana Furchtgott-Roth recently told a congressional subcommittee that rolling back excessive government regulations and eliminating the threat of tax hikes would promote private-sector job growth more than another round of stimulus spending. But President Barack Obama, in the midst of his West Coast fundraising jaunt, said he makes no apologies for Wall Street regulation and environmental rules and doesn't buy the GOP charge they're costing jobs.
Answering questions at an event hosted by social networking site LinkedIn, our Candidate-in-Chief said his administration has scrapped some rules and is looking for more to drop. But the fact is his administration has proposed over 200 new government regulations that would put an even larger burden on job creators than already exists.
As Ms. Furchtgott-Roth testified early this month, "With zero net job gains in August, a persistently high unemployment rate, and a low rate of GDP growth, the economy could likely create more jobs through costless regulatory reform than through additional spending." Yet President Obama continues to push for the 447 billion dollar collection of short term projects and gimmicks he calls the American Jobs Act instead of supporting significant regulatory reform.
The Republican-controlled House of Representatives has already passed a list of actual bills which would reduce regulatory burdens on job creators and foster an environment of economic growth. Most of those bills are languishing in the Democratic-controlled Senate.
In Saturday's GOP weekly address, Senator Susan Collins (R-Maine) called for the downsizing of federal regulations and cited a proposed Environmental Protection Agency rule on boiler emissions that even the EPA admits would cost the private sector billions of dollars and thousands of jobs.
"Business owners are reluctant to create jobs today if they're going to need to pay more tomorrow to comply with onerous new regulations," said Senator Collins.
A Stanford University Economist and a Manhattan Institute Senior Fellow told Congress virtually the same thing.
But President Obama keeps on denying that reality.
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