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Report: Labor Regulations by Obama Administration Cost Economy Over $80B; 150,000 Jobs

Report: Labor Regulations by Obama Administration Cost Economy Over $80B; 150,000 Jobs

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By    |   Tuesday, 04 October 2016 09:37 AM

President Barack Obama's labor regulations will cost the U.S. economy $80 billion and 150,000 jobs during his last year in office, according to a report released by the National Association of Manufacturers (NAM).

The regulations also demand over 400 million compliance hours from companies, the report stated.

"In its last year of governing, the administration has made significant efforts to fix what it sees as myriad flaws in the labor market. As a result, new regulations and policies have been proposed and implemented ranging from reclassifying millions of workers from salaried to hourly employees, altering the well-established union election rules and definitions of who is an employer," the report said.

The report, which studied regulations from the Department of Labor, the Occupational Safety and Health Administration, the Equal Opportunity Commission, and the National Labor Relations Board, said the measures included the Fair Pay and Safe Workplaces rule, updated overtime rules, new silica standards, the Ambush Elections rule, reporting requirements for employment and wages, and reporting requirements for workplace injuries and illnesses.

NAM found that these rules could cost the economy $81.6 billion over 10 years, wipe out 155,700 jobs and impose 411 million paperwork burden hours on companies, The Washington Free Beacon reported.

The study also found that the requirements for recording employment and wages would increase paperwork hours by 18 million and with a burden of $53 million annual implementation.

Publishing reports regarding workplace injuries and illnesses will account for another $1.1 billion in long-term costs. Meanwhile, $10 billion in annual compliance burdens and 90 million hours of paperwork have been estimated as per the study.

Additionally, the Occupational Safety and Health Administration's rule that also regulates exposure to silica in the workplace would add $5 billion to the annual compliance costs and eliminate 50,000 jobs, according to the Construction Industry Safety Coalition.

The report pointed out that these regulations would leave some employers with no choice but to barter full-time jobs with part-time ones.

"The litany of these new labor laws has made it more costly for firms to employ workers," the association was quoted as saying. "Forcing companies to spend more money in compliance costs has little to do with a company's main purpose—producing goods and services. These rules result in lower productivity growth, and companies end up paying lower wages and reducing employment."

Jeremy Adler, communications director at America Rising Squared, highlighted President Obama's "regulatory spree."

"This study confirms that under President Obama, the Department of Labor has been on a regulatory spree of historic proportions that will cost the U.S. economy tens of billions and hundreds of thousands of jobs," Adler said, according to the Free Beacon.

"Today, America's economic growth continues to lag while the Labor Force Participation rate is at its lowest level since the 1970s. A continuation of these radical labor policies threatens our nation's economy, and diminishes economic opportunities that hardworking Americans badly need today."

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President Barack Obama's labor regulations will cost the U.S. economy $80 billion and 150,000 jobs during his last year in office, according to a report released by the National Association of Manufacturers...
Report, Obama, Labor Regulations, Cost, Economy
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2016-37-04
Tuesday, 04 October 2016 09:37 AM
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