But the numbers don’t lie. According to the Small Business Administration, regulations extract $1.75 trillion from the private economy on an annual basis. Couple that with the fact that small businesses have created more than 60 percent of all new jobs in the past 15 years and you see just how wrong-headed this “regulate-first, ask questions later” approach is. When the federal government is taking that much money from the private sector, it’s easy to see why businesses are hiring less, workers are getting paid less and small business confidence remains at historic lows.
Even branches of the Federal Reserve not located in Washington seem to understand this. In a recent speech, Dallas Fed President Richard Fisher summarized business leaders’ concerns in this way: "Those with the capacity to hire American workers – small businesses as well as large, publicly traded or private – are immobilized. Not because they lack entrepreneurial zeal or do not wish to grow; not because they can't access cheap and available credit. Rather, they simply cannot budget or manage for the uncertainty of fiscal and regulatory policy. In an environment where they are already uncertain of potential growth in demand for their goods and services and have yet to see a significant pickup in top-line revenue, there is palpable angst surrounding the cost of doing business."
Job creators like me want more relief, not more regulation. The sooner Washington understands that, the better.