The estimate is that our Govt has placed an additional cost, via regulations, of $1.75 Trillion. It is also clear that the Obama Administration has no problem in adding more and more:
(H/T: Big Government)
Even as GE’s CEO Jeffrey Immelt tried to tell other CEOs to start hiring (he is an economic advisor to Obama), his GE X-Ray division just closed shop and moved to China – with 1,400 jobs.
Nancy Pelosi grandly told us that as soon as Obamacare passed, it would instantly create 400,000 new jobs. Tell that to Boston Scientific who is laying off 1,300 jobs – and the day before that announcement said that it would be hiring 1,000 people in China. Reason? The Obamacare tax (in part) on medical devices – which is what they manufacture. And regulations played a role in it as well:
That’s not the only problem facing the industry, either. They now have to provide an accounting for their marketing efforts among physicians, thanks to a new “sunshine bill” that requires full disclosure of any marketing directed at physicians. That will escalate internal costs, putting even more pressure on device makers to cut elsewhere or raise prices, or both.
Even a trickle adds up over time.
