According to the latest report from the Small Business Administration, America's regulatory state costs our economy $1.75 trillion annually. For America’s smallest businesses, this cost amounts to roughly $11,000 per employee, per year.
With these businesses normally providing 2/3 of all new jobs, and amounting to 90% of all firms, it's easy to understand why the U.S. economy is hobbling along. That amount, $1.75 trillion, is no small matter—in fact, as I have long said, these costs are an anchor, dragging this economy down.
Moreover, given that the new Congress forces the President to pursue his party’s objectives administratively (see, for example, the EPA’s move to regulate CO2 as a pollutant, despite Congress’ clear intention to stop this from happening), there is every indication that this number is going to grow by leaps and bounds in the coming months.
Read the full op-ed on Jobs and Regulation -- Is Obama Finally Getting Serious About Solutions?