What could be worse the inflicting $46.2 billion in regulatory costs? If those regulations not only came in late but were also wrong.
According to a new study by the American Action Forum, not only has the Obama administration missed nearly half of the regulatory deadlines in Obamacare, and 59 percent of the regulatory deadlines in the Dodd-Frank bill, but many of those initial regulatory announcement turned out to be wrong.
To date, regulators implementing Dodd-Frank have been forced to issue 65 corrections to the 125 new regulations they created. The federal agencies implementing Obamacare have an even worse record, issuing 149 corrections to Obamacare’s 59 final rules.
And while some of these errors are minor typos, many of them are big course corrections....
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Combined, Dodd-Frank and Obamacare are expected to impose 135 million paperwork burden hours on the U.S. economy. Assuming a 2,000-hour work week, AAF estimates it would take more than 64,000 employees just to comply with Obamacare and Dodd-Frank regulations.
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These business killing regulations will probably cause more people to lose jobs than it will add to the insured totals. If it is taking this long to write this mess, how do they expect businesses to be able to read them and comply with them in time?
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