Compliance Is Costly
March 8, 2013 by Chip Wood
Those expensive Federal regulations. Just how much does it cost private enterprise to comply with all of the Federal regulations that have been promulgated? According to the Competitive Enterprise Institute, a nonprofit research group in Washington, D.C., the tab comes to more than half-a-trillion dollars a year. The CEI says the most costly agencies are the Environmental Protection Agency, whose regulations cost businesses $353 billion a year; the Department of Health and Human Services, at $185 billion; and the Federal Communications Commission, at $142 billion a year. Just think how many more jobs could be created — and taxes paid — if some of those regulatory restrictions could be eased.
Democrats stiff company for $10 million. Although it didn’t receive any publicity at the time, Duke Energy guaranteed a $10 million line of credit to a local host committee for last year’s Democratic National Convention in Charlotte, N.C. Now it turns out that the group doesn’t have any money left to repay the electrical power company. No problem, says Duke CEO Jim Rogers. It will write off the loss as a business expense, meaning company shareholders will foot most of the bill.
A dependable voice for more spending. Has Nobel Prize-winning columnist Paul Krugman ever met a Federal spending project he doesn’t like? I don’t think so. In an appearance on the “Charlie Rose” TV show a few days ago, Krugman said, “The crucial issue right now is, are we going to keep on cutting spending and derailing this recovery, or are we going to at least try to spend [the money] that this economy needs?” Of course the truth is, even if every penny of the sequester takes effect (which it won’t), Federal spending will actually go up this year, not down.
Now can we build that pipeline? Barack Obama’s latest excuse for not approving the Keystone XL pipeline was that he was waiting for the State Department to complete its review of the project. Well, that report was finally released last Friday. And guess what? It said that the pipeline would produce “no substantial change in global greenhouse gas emissions.” Does this mean the project to transport oil from Canada’s Alberta tar sands to the Gulf Coast will finally get an OK from the White House? Don’t count on it. The “green energy” movement is still opposed to it.