Despite his checkered record on business growth, President Barack Obama plans his first-ever White House Demo Day, celebrating the “important role entrepreneurship plays in America’s economy,” according to a White House press release.
On Tuesday, innovators from around the country will “demo” or share their individual stories.
“The Demo Day event will showcase why we need to give more entrepreneurs from all walks of life a chance to turn their ideas into indispensable products and services, and will include new announcements that support inclusive
entrepreneurship,” the press release states.
The president has a strange way of showing his support, said David Burton, senior fellow in Economic Policy at the Institute for Economic Freedom and Opportunity at The Heritage Foundation.
Obama, the regulation president, has created a “regulatory tsunami” that has devoured business growth, Burton said.
“It has become genuinely absurd,” the economist said. He testified in March before the House Small Business Committee, noting 96 things needed to change in order to clear the way for entrepreneurs.
“We are generally crushing small businesses and entrepreneurs in this country. It’s almost to the point where you need to be a lawyer to run a business,” he said.
According to the Heritage Foundation, the Obama administration had issued 157 new major rules at a cost approaching $73 billion annually in its first five years. That was a 153 percent increase over his predecessor, President George W. Bush over his first five years in office.
It’s not always the big things but the cumulative weight of hundreds of rules and regulations that small firms have to grapple with.
From rising taxes and ever-expanding environmental regulations, to confusing banking rules and employment codes, the costs of government regulation is killing U.S. business.
It’s the big things, too, like the administration’s newly proposed final rule requiring for the first time federal limits on power plant carbon emissions. Obama aims to cut CO2 output by 32 percent by 2030 as part of his obsessive climate change campaign.
Obama called the final plan, released Monday, a moral obligation and declared that it will eventually create thousands of jobs and save energy consumers as it reduces greenhouse gasses.
Environmental Protection Agency Administrator Gina McCarthy turned a colloquial phrase from her hometown Boston Monday in praising the regulations.
“This is an especially wicked-cool moment,” said McCarthy, who has been highly criticized by U.S. business for her agency’s penchant for red tape.
The Obama administration estimates an $8.4 billion annual price tag to bring down carbon emissions by 2030, but the actual cost won’t be known until states come up with their reduction plans – expected within a year.
Wisconsin Gov. Scott Walker, a leading Republican candidate for president, blasted yet another unilateral move by the Obama administration, a decision that will burden Wisconsin energy consumers and the state’s recovering economy. The governor promptly pledged that Wisconsin would join other states filing a lawsuit against the administration.
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