Category — Federal Budget/Deficit
“But you must remember, my fellow-citizens, that eternal vigilance by the people is the price of liberty, and that you must pay the price if you wish to secure the blessing. It behooves you, therefore, to be watchful in your States as well as in the Federal Government.”
– Andrew Jackson, Farewell Address, March 4, 1837.
President Obama’s proposed FY2012 Federal Budget has come under heavy fire for its modest reach in real reform. With deficits projected to be in the trillions for the foreseeable future, the amount of budget cutting proposed is certainly underwhelming. Lost in the battle over $6 billion cuts offered by the President and the Democrats, and the $61 billion of cuts the Republicans want, is the use of another powerful tool to help get the economy moving – reining in regulation.
Regulation is a hidden tax on all of us. Costly rules written by unelected bureaucrats add to the costs of producing goods and services in the private sector. Our firms must recoup those costs by passing them on to consumers. In this global economy, American workers then are put out of work because our firms cannot compete with lower prices for imports from foreign manufacturers. Regulations whose benefits don’t exceed their costs are a serious drag on the economy.
In his State of the Union Address, President Obama called for congressional support for a review of all federal regulations that put an unnecessary burden on businesses. Well, the 112th Congress is going the President one better by calling out the EPA for its plans for extremely costly regulation of greenhouse gasses. Both the Senate and the House have proposed legislation to take back control of this issue.
President Obama has called for a regulatory system that protects public health and the environment and also promotes economic growth. He has said that benefits and costs must be taken into account to achieve these objectives.
EPA’s Futile Crusade
Greenhouse gas regulations being developed at the Environmental Protection Agency are a veritable mother load of extremely costly rules with doubtful benefits. Furthermore, EPA has proposed guidelines for reducing greenhouse gas emissions from power plants and automobiles without comparing costs and benefits. [Read more →]
March 22, 2011 2 Comments