Daniel Johnson: costs of regulation

Task:

Using the response template and thread  below, Are the costs of regulation and the staffing of regulatory agencies out of control in the United States? (ch. 7), provide a personal reply to the thread, adding additional thought to the conversation.  Your reply can be in personal tense, I, you, we, etc.  Add only new thought and do not simple restate what the post already says. 

Requirements:

• 200 to 300 words (no more and no less, title page and reference page not counted in word count)

Sources: (must use APA 6th Edition Style)

• 2 Scholarly Journal that is peer reviewed (must have online link available). Use of TEXT BOOKS or COURSE BOOKS of any type is not authorized. 

• 1 reputable business magazine (must be a periodical, must be current, must provide online link)

• 1 Biblical quote.  (Must be relevant and used in the conclusion.  Use N

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Template: (Use this template for the reply)

Introduction

               Brent Holland.  Thank you for the informative post regarding the question “Are the costs of regulation and the staffing of regulatory agencies out of control in the United States?”  I completely agree that our country is in need of regulatory reform; however, I’d like to expand on your discussion to point out that not all regulation is bad and that there are some very important benefits to be gained from certain types of regulation that actually justify the cost of doing business.  (use this as the intro)

Analytical Discussion

               Discuss 1 government regulation that has had a positive impact on the economy. You can include cost, benefit, and impact on the economy had the regulation not been implemented (use sources to justify response). 

Conclusion

               Wrap up-the cost of government regulation is out of control but some necessary.  Biblical scripture to back up what we must do as Christians concerning government regulation and taking care of the people and environment around us.

References

• 2 Scholarly Journals that are peer reviewed (must have online link available) Use of TEXT BOOKS or COURSE BOOKS of any type is not authorized. 

• 1 reputable business magazine (must be a periodical, must be current)

• 1 Biblical quote.  Must be relevant and used in the conclusion

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Respond to this question and thread

Are the costs of regulation and the staffing of regulatory agencies out of control in the United States? (ch. 7)

The cost of regulation and the cost to staff regulatory agencies is out of control in this country. There are two areas of regulation in the US, social regulation and economic regulation. There are 10 social regulatory agencies and 16 economic regulatory agencies in the US (Lawrence & Weber, 2014). Economist Nicole Crain and Mark Crain reported that complying with federal regulations cost US businesses more than $ 2 trillion each year (Lawrence & Weber, 2014). This is a substantial increase from a report from 14 years ago in 2004 when the cost for businesses complying to federal regulation in the US was estimated at $650 billion dollars (Echeverri-Carroll & Ayala, 2009). The data shows the cost of government regulation and the cost to staff regulatory agencies has been on an extreme incline and the cost burden can get out of control in a hurry with inflation.

            The sky rocketing cost of regulation and the cost to staff these agencies is hurting the growth of the US where we see the average manufacturing company paid compliance cost of almost $20,000 per employee annually (Lawrence & Weber, 2014). The number of regulations did increase substantially in 2015 as policy makers have continued to tighten restrictions on the American worker and the American business (Galluso & Katz, 2016). President Barak Obama was not unlike any other President in American history in his last year in office. President Obama had 144 new regulatory rules in the pipeline in his last year as he was trying to make a push to achieve his agenda before he leaving office (Galluso & Katz, 2016). Regulation is a stealth tax on the American people and is crushing our economy. Simple economics math would lead one to believe that regulations reduce production, keep wages down and slow the economy.  Our country is in need regulatory reform more now than ever before. It is the American peoples job and duty to hold our government accountable for spending the tax payors money in a wise way. Dr. Fischer said in his presentation on Globalization and Big business that “we live in a competitive era in the business world where companies are competing not only against US competitors but international as well” (Fischer, n.d.). Businesses in the US cannot keep competing with the government and the competition over time.

References: