The following is an editorial from WBRC FOX6 News General Manager Collin Gaston, which first aired on Tuesday, Jan. 31, 2017.
This week President Donald Trump signed an executive order with the intent to cut regulations “massively” for small businesses. White House officials say that in the future if a government agency wants to add a new regulation they must identify two to take out. They’re calling it the “one in, two out plan.” And for those that might be concerned about the reduction in federal regulations, you need not worry. At last check, the Federal Registry, where all federal rules are published has grown to over 80,000 pages. To put that number in perspective, in 1971 the year I was born, our government needed only 25,447 pages to record all the regulations. In 1941, the year my father was born – only 6,877.
It’s no wonder small businesses, the lifeblood of our economy, are struggling. In a recent National Small Business Association survey, an average small business owner is paying around $12,000 every year just to deal with regulations. And if you’re just starting up, the first-year regulatory costs averaged climb to over $83,000.
Bringing it home, in 2013 Alabama small businesses employed 761,520 individuals according to a report published by the U.S. Small Business Administration; almost half the private workforce. While I don’t have a crystal ball, I would expect even more jobs created if the rules that are currently stifling to a business owner were less costly and onerous.
While not everything out of the Trump administration will be looked upon favorably, we are optimistic that the recent steps taken to reduce regulations could prove to be a positive for businesses here in Alabama and abroad.
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