Small businesses are caught in a riptide of red tape. The overwhelming onslaught of rules and regulations coming from Washington is making it nearly impossible to start or stay in business, let alone grow, succeed, and create jobs.
Since the president took office, his administration has had under review more than 400 regulations that cost the economy $100 million or more. According to the Small Business Administration, small businesses are facing annual regulatory costs of up to $10,000 per employee.
Keeping up with cumbersome paperwork and compliance requirements cost entrepreneurs time and money, and that means less capital for hiring new employees. This is making it harder for our nation’s small businessmen and women, who we are counting on to sustain our local economies and create jobs.
Every extra rule, regulation, or requirement where the government imposes a cost on the economy disrupts and distracts small business owners from growing their business. The last thing the economy needs right now are more roadblocks. We need to cut through the red tape to create an environment of certainty to promote innovation and unleash economic growth.