55% Of Small Businesses Say Volume Of Gov't Regs Is Biggest Problem

Discussion of the economy

Moderator: Super Moderators

Post Reply
User avatar
Riddick
Pirate
Posts: 11246
Joined: 11-01-2002 03:00 AM
Location: SE WI
Contact:

55% Of Small Businesses Say Volume Of Gov't Regs Is Biggest Problem

Post by Riddick » 02-25-2017 01:05 AM

Half (48%) of all small business owners say regulations are a “very serious” or “somewhat serious problem,” according to new research by the National Federation of Independent Business (NFIB). According to the survey, 25% of small employers say regulations are a “very serious problem.” Another 23% say regulations are a “somewhat serious problem.”

Other key findings include:
  • The volume of regulations is the greatest problem for 55% of small employers, while 37% say they’re most troubled by a few, specific regulations.
  • The single greatest regulatory problem for small employers is the cost of compliance (28%).
  • Twenty percent find that regulations affecting their business have no relevance to safety or consumer protection. Thirty-one percent find them of little or no value for customers or consumers and not worth the cost of compliance.
“Small business owners are drowning in regulations imposed by every level of government,” said NFIB President and CEO Juanita Duggan. “It’s a major problem affecting millions of businesses, and the federal government is the biggest contributor.”

During the Obama Administration, a record number of regulations were created regardless of their detrimental impact on businesses or their value to the public, the report finds: “Over the past eight years, record volumes of regulations have been imposed by the federal government as well as state and local authorities with little or no concern given to the net value of the regulations to society in comparison to the costs of compliance.”

In the first month of the Trump Administration, however, the volume of regulations issued has declined 72%, The Hill reports.

FULL STORY

Post Reply

Return to “Economy”