Recently Passed Federal Regulations Could Cost Consumers $11,000
By: Tracey Lowe
Burdensome government regulations are the enemy of free enterprise and put serious limitations on businesses in the areas of building permitting, hiring practices, operating procedures and many more. Results from the Florida Chamber’s recent Small Business Index Survey show that government regulations are one of the top issues facing small businesses, resulting in excess costs and reductions in workforce and wages.
While the actual costs of overregulation are difficult to measure, the expenses are passed on to consumers in the form of higher costs for products and decreased job creation. A 2014 report estimated that recently passed federal regulations could cost consumers an additional $11,000 for items like vehicles, household goods, food, healthcare and energy.
“Excess regulations are detrimental to Florida businesses and families,” said Monesia Brown, Director of Public Affairs & Government Relations at Walmart. “At Walmart, our goal is to make sure that our shoppers can save money and live better, and one way to reduce costs is through regulatory reform.”
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What unreasonable regulations have you encountered that you would like to see changed? Share your story by emailing our Chief Economist, Dr. Jerry D. Parrish at firstname.lastname@example.org.
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