Americans are learning more about the “fiscal cliff” approaching at the beginning of next year, when tax rates for families and small businesses are set to spike and new taxes in President Obama’s health-care spending law take effect. But unless there’s real change in Washington, we’re also headed for a steep “regulatory cliff” that could compound the damage.
The above quote is a warning from Ron Portman in an opinion piece he wrote for the Wall Street Journal this past Thursday. This article is worth a read because he talks about a number of stifiling regulations that the Obama administration has put on the back burner until after the elections. You know _ when Obama will have more flexibility.
After three years of bureaucratic excess, the Obama administration has been quietly postponing several multibillion-dollar regulations until after the November election. Those delayed rules, together with more than 130 unfinished mandates under the 2010 Dodd-Frank financial law, could significantly increase the regulatory drag on our economy in 2013.
According to Senator Portman, the Labor Department has put off until after the elections plans for something called the Fiduciary Rule. A study by the Oliver Wyman Group found that this rule would seriously hurt middle-class people with IRA accounts.
A study last year by the Oliver Wyman Group found that the Fiduciary Rule could result in higher retirement account minimums and cause 7.2 million individual retirement account (IRA) holders to lose access to investment advice. Even the Labor Department was unable to show that the rule’s illusory benefits outweigh its substantial costs.
The Senator goes on to tell us about the EPA and its planned Ozone Rule. He says it is “so strict that up to 85% of U.S. counties monitored by the EPA would be in violation.” The EPA itself estimates this rule will cost industry 90 billion dollars. The EPA Portman tells us is also planning more controls on power plants that they estimate will cost one dollar every three cents in benefits. How insane is that?
And, not to be out done, the Transportation Department has plans to make cars more expensive.
Consumers can also look forward to a new Department of Transportation rule that will increase the costs of new cars and trucks by mandating expensive new technology. First proposed in 2010, the Rear-View Camera Rule would require that all cars and trucks be equipped with a rear-view camera and video display on the dashboard, at a cost of some $2.7 billion to auto makers and car buyers.
On top of all of this, we know that a tonne of new regulations yet to come from Obama’s Affordable Care Act and also from the results of the Dodd-Frank legislation. The insanity of the Obama administration can not be underestimated. Our economic growth, for the last two quarters has been barely positive. It won’t take much to send America back into recession just like the Euro Zone is today. The Obama administration seems hell-bent on putting the final nail in our economic coffin.
I share this information with you, dear readers,not because I think you need any more reason to want Obama out of office. I share this information on thee off chance that some may need more reason to set aside what ever occupies your time on the days leading up to the elections and I ask that you volunteer your time to your local Republican Party and/or your local Tea Party to help turn out the vote on election day.
I read an article other day that I unfortunately did not bookmark. But, the author made a compelling case that this election, contrary to the expert¡s opinions, will be decided more by the base of the parties than it will by the so-called independent voters. The point made by the author was that the party that can energize its base in the toss-up states to turn out the vote, will win.
Well, that’s what I’m thinking. What are your thoughts?