With the election nearing, it is more important than ever to note the toll that the current administration’s policies are taking on small businesses in Iowa and across the nation. Simply put, overregulation can and will destroy small business.
Unemployment has hovered at 8 percent for the last 43 months, the economy is slow to recover, and individuals are struggling to support their families. The last thing we need right now are more burdensome regulations, and yet thousands of new regulations have been proposed in Washington and could cost the American people more than $500 billion.
Small businesses today are spending more than $10,000 per employee to comply with federal regulations on an annual basis. I think most of us would agree that this number is much too high. The National Federation of Independent Business has created the Small Businesses for Sensible Regulations coalition, aimed at uniting small business owners to speak out against burdensome regulations. This is certainly a step in the right direction.
If we allow this level of regulation to continue for the next four years, the regulatory tidal wave will certainly hurt our job creators, our communities, and each of us as consumers.
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