A new study released today by the National Federation of Independent Business (NFIB) and the National Association of Manufactures (NAM) finds that excessive federal regulation and government intervention continue to hurt the economy. The poll, which surveyed over 800 small business owners and manufacturers, notes that a majority of respondents think the economy is worse off than it was three years ago.
Specifically, the report highlights that 69 percent of small businesses and manufacturers believe the President’s regulatory policies have hurt them, and 67 percent said that there is too much uncertainty in the market to grow or hire new workers. 55 percent say they would not start a business today because of the current business climate.
In response to the findings, NFIB President Dan Danner said: “The small businesses who are the engine of our economy are clamoring for their elected representatives to stand up and lead so they can focus on the business of getting America back on its feet. Yet, instead of smoothing the way, our government continues to erect more barriers to growth through burdensome regulations that increase costs for small businesses and all Americans. It’s time Washington started listening to America’s job creators and offered real solutions to help us back to prosperity.”
Unless Washington reins in the regulatory process, outlook could get even worse for the small business community. Today there is a backlog of over 4,100 new regulations pending approval, which could cost the economy more than $500 billion. Business owners can’t afford for that flood of new rules to be added to the already overwhelming regulatory burden that’s been added in recent years.
Last month, Small Businesses for Sensible Regulation, in conjunction with the NFIB, launched the Stop the Tidal Wave campaign to amplify small businesses’ concerns about the looming threat mounting in Washington. Click here to join the movement and help avert possible irreversible damage to our economy.