Tags: Barack Obama | Study | Obama | Labor Rules | Cost | Billions

Study: Obama Labor Rules to Cost Businesses $81.6B Over 10 Years

Image: Study: Obama Labor Rules to Cost Businesses $81.6B Over 10 Years

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By    |   Thursday, 22 Sep 2016 09:47 AM

Over the next 10 years, businesses may end up losing $81.6 billion as compliance costs under President Barack Obama's labor regulations, according to a new study conducted by National Manufacturers Association (NAM), released Thursday, reports The Hill.

According to The Hill, "the most costly regulations include the overtime rule which makes 4 million people eligible for overtime pay, new standards for how much silica dust workers can be exposed to and a rule forcing federal contractors to report past labor law violations when bidding for a contract."

The number of labor regulations passed in the Obama administration is nearly double the count of major laws per year than any of the previous four leaderships, the study revealed.

NAM's director of labor and employment policy, Amanda Wood, highlighted that the administration unfairly targets federal contractors.

"The litany of these new labor laws has made it more costly for firms to employ workers. Forcing companies to spend more money in compliance costs has little to do with a company's main purpose — producing goods and services," the study said.

The estimated figures show that 155,700 jobs will be lost over the next 10 years because of the Obama administration labor rules.

NAM is also gearing up for the consequences of the Equal Employment Opportunity Commission's (EEOC)'s proposed change wherein employers have to share details like ethnicities, race and sex of employees and reports their earning and number of work hours, if more than 100 of them are employed by the owner.

The study pointed that this regulation is likely to cost businesses $1.9 billion.

"The notion that regulations can direct companies to take steps to improve worker health and safety, compensation or self-governance with no untoward economic consequences to workers is an appealing one but, unfortunately, not one that comports with economic analysis," the study said.

"The collective impact of these labor market regulations will make it more costly for firms to hire workers in numerous industries," it added.

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Over the next 10 years, businesses may end up losing $81.6 billion as compliance costs under President Barack Obama's labor regulations, according to a new study...
Study, Obama, Labor Rules, Cost, Billions
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2016-47-22
Thursday, 22 Sep 2016 09:47 AM
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