With the unemployment rate remaining high, it’s no secret that America needs help creating jobs. Small businesses are the biggest job-creation engine, having generated more than 60 percent of net new jobs over the past 15 years. In a time when we need jobs the most, why does the government continue to pass countless laws and regulations every year making it difficult for small businesses to survive? John Stossel, host of “Stossel” on FOX Business, joined Varney & Co. this morning to discuss his latest cause.
“[The government] thinks they are not doing their job if they’re not regulating,” said Stossel. “They’re all well intended, but the result is that we wonder why there’s less job creation. You’re scared to go into business because so many nasty things can happen.”
The federal government churned out 70,000 pages of new rules last year regulating small business, making it nearly impossible for entrepreneurs to succeed. The laws and regulations are passed to keep everyone safe, but Stossel says we need to junk most of the rules and let businesses do what they want. The well intended actions by the government are stifling growth and hampering innovation.
So what’s the solution? “Repeal that 70,000 page pile of laws,” said Stossel. “They won’t do it but they ought to repeal three old laws every time they pass a new one.”
Catch more on this topic Thursday night at 9 PM and midnight ET on “Stossel.”