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New Obama regulations costing jobs and the economy

Tuesday, October 4, 2016 16:19
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(Before It's News)

Ali Meyer reports at the Washington Free Beacon,

Labor regulations issued in the last year of the Obama presidency will cost the economy roughly $80 billion over the next 10 years and eliminate 150,000 jobs, according to a report from the National Association of Manufacturers.

The report analyzed seven regulations from the Department of Labor, the Occupational Safety and Health Administration, the Equal Opportunity Commission, and the National Labor Relations Board. The measures included the Fair Pay and Safe Workplaces rule, updated overtime rules, new silica standards, the Ambush Elections rule, reporting requirements for employment and wages, and reporting requirements for workplace injuries and illnesses.

The National Association of Manufacturers found that these rules could cost the economy $81.6 billion, eliminate 155,700 jobs, and impose 411 million paperwork burden hours on companies.

The reporting requirements for employment and wages would add more than 3,400 data fields to the current reporting requirements already in place. The rule would increase paperwork hours by 18 million and impose an annual implementation burden of $53 million.

Another regulation requiring companies to publish reports on workplace injuries and illnesses would add $1.1 billion in long-term costs, $10 billion in annual compliance burdens, and 90 million hours of paperwork.

Read more here.

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