Obama's Reduction of Regulations Has Little Effect on Budget Deficit

In the August 29 issue of C&E News, Cheryl Hogue has an article entitled, "Fixing Regulations".

The article covers the recent Obama directive that his various agencies weed out outdated regulations and revamp others to promote job creation. On the surface, this is an admirable directive, but as the US Chamber of Commerce says, "It will not have a material impact on the real regulatory burdens facing American business today".

The Office of Management and Budget says regulation reform over the next year or so will save $4 billion over five years. Shortly thereafter, another $6 billion will be saved. This totals $10 billion. A $10 billion savings in comparison with a $1.3 trillion budget deficit is almost insignificant. We must always remember the difference between a billion dollars and a trillion dollars is a factor of 1000.