Under the radar this past week was President Barack Obama's executive order for a review of government regulations in hope of showing that bigger government isn't bad news for economic growth and business.
Of course, the president didn't word it that way. In his op-ed piece in The Wall Street Journal, Obama wrote that he just wants to "make sure we avoid excessive, inconsistent and redundant regulation."
That sounds like such a great idea, doesn't it?
The first problem is the wording; don't be bamboozled by it. Despite the fact that Obama's intentions sound admirable, what the president really means is: "I'm putting together a study in hope you will believe that I'm tough on government regulations, when in fact I've expanded government regulations so much that I'm not sure it's hurting the U.S. economy and job market."
Second, not surprisingly, this federal government review is to be carried out by the federal government and excludes any independent (auditing) agencies, like how major financial regulators are using most of 2010's Dodd-Frank reforms for Wall Street and the banking industry.
But isn't the federal government's review (or audit) of itself a little like the Mexican drug mafia's reviewing illegal border crossings?
Third, since when are more government regulations and bigger government business, which the government uses to monopolize and direct the flow of money to itself, good for small businesses on Main Street? As Thomas Jefferson once said, "were we directed from Washington when to sow and when to reap, we should soon want bread."
Obama hit the nail on the head when he labeled government's already-existing regulations as "unreasonable burdens on business -- burdens that have stifled innovation and have had a chilling effect on growth and jobs."
Business leaders have been telling the White House for a long time that bigger government and more government regulations, including those for financial reform and health care, will not help job creation.
A few months back, the majority of Accounting Today's "100 Most Influential People in Accounting" concluded that such government expansion is and will continue to be detrimental to the economy.
Even some of the president's corporate allies have turned on him, for example, the Business Roundtable -- an association of chief executives of many of the largest U.S. corporations -- which compiled a 54-page critical report of the White House's regulatory and tax policies.
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