WASHINGTON, DC – House Speaker Paul Ryan (R-WI) this afternoon unveiled “A Better Way to Grow Our Economy,” a plan for regulatory relief and reform, in front of the Department of Labor, which recently issued a regulation making it more difficult for working- and middle-class Americans to prepare and save for retirement.
Neil Bradley, CRN’s chief strategy officer, released the following statement in response to House Republicans’ blueprint for regulatory relief and economic growth:
$1.89 trillion in economic costs, 3,408 new regulations last year, 11.4 billion hours responding to federal paperwork. Sometimes it’s easy to get lost in the fog of numbers regarding the regulatory burden placed on American families and businesses; that’s why House Republicans’ release of “A Better Way to Grow Our Economy” is so important. In addition to the headline numbers, House Republicans document 28 real-world examples of how excessive federal regulation is impeding economic growth, hurting job creation, and contributing to stagnant wages.
Regulations are a cost of government. Like a tax hike, unnecessary and overly burdensome regulations cause higher prices, lower wages, depressed earnings on savings, job layoffs, and sluggish economic growth. Any agenda which seeks to unleash the full potential of the U.S. economy must include a plan to reduce and reform the regulatory state.
“A Better Way” makes clear that there is no single silver bullet to fix decades of government overregulation. Getting our economy and take-home pay growing again requires a broad-based, comprehensive assault on overregulation and abusive lawsuits. Thankfully, “A Better Way to Grow Our Economy” provides a blueprint for reform.