Small Business Facts Small businesses create two-thirds of the net new jobs annually, employ more than half of the private-sector workforce, and generate nearly 50 percent of annual GDP. America’s small businesses are the backbone of our economy and engines of job creation. Regulations by the numbers Today, there are 3,503 federal regulations in the pipeline (Source: The Office of Information and Regulatory Affairs, Unified Agenda 2012 ) There are currently 739 federal regulations affecting small businesses (Source: The Office of Information and Regulatory Affairs ) There are 174,545 total pages in the Code of Federal Regulations, an increase of more than 21 percent over the last decade (Source: Congressional Research Service ) 13,000 final rules were published in the Federal Register from 2009-2012 (Source: Congressional Research Service ) 330 “major” economic rules were published in the last four years. (Source: Congressional Research Service ) Since 1976, the number of pages of environmental rules in the Code of Federal Regulations has increased 25 fold, from around 1,000 pages to 25,000 pages. (Source: Fuel Fix – Info-Graphic: EPA Outlier in Federal Regulations) Paperwork from the EPA in 2012, took 176 million hours, costing various industries more than $2.4 billion. (Source: American Action Forum ) 6,669 regulatory changes or notices were posted on regulations.gov over a three month period – an average of 74 per day, making it difficult for small businesses to keep up. (Source: The Office of Information and Regulatory Affairs ) Polls reveal federal regulations hurting small business owners Government regulations are regularly cited in NFIB’s surveys as one of the top three concerns for small business owners. (Source: NFIB – Small Business Optimism Index ) 90 percent of small business owners support reforming the regulatory process. (Source: NAM/NFIB Survey, “Small Businesses and Manufacturers: Government a Barrier” ) 74 percent of small business owners believe that businesses and consumers are over-regulated. (Source: Public Notice, “MEMO: National poll on government regulations ) 72 percent of small businesses reported that regulations were hurting their “operating environment” (Source: Wells Fargo/Gallup News Release, “Small Business Index” ) 67 percent of small businesses do not have plans to hire in the next six months due to poor business conditions (Source: Capital One second quarter 2013 Spark Small Business Barometer ) 62 percent of small business owners and manufacturers say that the United States own laws, regulations, rules, taxes and fees impact their business more negatively than foreign competitors. (Source: NAM/NFIB Survey, “Small Businesses and Manufacturers: Government a Barrier” ) 55 percent of small business owners say they would not start a business today given what they know now and in the current regulatory environment. (Source: NAM/NFIB Survey, “Small Businesses and Manufacturers: Government a Barrier” ) 54 percent of small business owners say countries like China and India are more supportive of their small businesses and manufacturers than the United States. (Source: NAM/NFIB Survey, “Small Businesses and Manufacturers: Government a Barrier” ) 40 percent of companies say policy uncertainty in Washington is preventing them from investments and job creation, according to a Morgan Stanley survey. (Source: The New York Times, “Fearing an Impasse in Congress, Industry Cuts Spending” ) Impact of Federal Regulations $515 billion: estimated cost of federal regulations according to analysis by NFIB. (Source: Small Businesses for Sensible Regulations, “Regulatory Tidal Wave ) Regulatory burdens on Americans increased by nearly $70 billion during President Obama’s first term in office. (Source: Heritage Foundation ) Federal agencies reported $23.5 billion in new annual regulatory costs in 2012 alone. (Source: Heritage Foundation ) $58.7 billion: President Obama’s FY2013 budget request for regulatory activities, compared to $2.8 Billion in 1960. (Source: “ Growth in Regulators’ Budget Slowed by Fiscal Stalemate: An Analysis of the U.S. Budget for Fiscal Years 2012 and 2013 ,” The George Washington University and Washington University in St. Louis) Americans spend 642 million hours at a cost of $46 billion, every year filling out duplicative paperwork. (Source: American Action Forum ) George Washington’s Regulatory Studies Center found that the cost of regulatory rules in 2012 under President Obama exceeded the cost of all rules in “the entire first terms of Presidents Bush and Clinton, combined.” (Source: GW’s Regulatory Studies Center ) Average annual cost of regulations in President Obama’s first two years in office ranged from $8 to $16.5 billion, compared to a $1.3 to $3.4 billion during the same period under President Bush. (Source: Annenberg Public Policy Center: FactCheck.org, “Cherry-picking on Regulation” ) Need for Regulatory Reform 283,615 full-time government employees were dedicated to drafting and enforcing regulations in 2012, while fewer than 50 employees at OMB are responsible for reviewing the new regulatory mandates to ensure they are justified and accurate prior to implementation (Source: “ Growth in Regulators’ Budget Slowed by Fiscal Stalemate: An Analysis of the U.S. Budget for Fiscal Years 2012 and 2013 ,” The George Washington University and Washington University in St. Louis) One-third of major rules, those costing $100 million or more, from 2003-2010 did not go through public review and input, despite federal requirements for public comment. (Source: GAO Report ) A recent study estimates annual regulatory compliance costs at $1.8 trillion — exceeding half of all total federal expenditures, as well as Canada’s or Mexico’s GDP (Source: Competitive Enterprise Institute ) Federal agencies did not disclose estimated costs for 10 of the 25 major regulations issued in 2012. (Source: Heritage Foundation ) - See more at: sensibleregulations.org/resources/facts-and-figures/#sthash.oGlzZZ6S.dpuf
Posted on: Wed, 05 Mar 2014 01:36:45 +0000
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