ONE WAY GOVERNMENT ACTUALLY CAN CREATE JOBS

"Even a small 5% reduction in the regulatory budget [could result in] an increase in employment by 1.2 million jobs annually."

That is the conclusion of a paper by the Phoenix Center. The following is from their executive summary:

"…we use fifty years of data and modern econometric methods to provide an estimate of the relationship between government spending on regulatory activity and economic growth and job recovery. We estimate that reducing the size of the regulatory bureaucracy may grow the economy and invigorate the labor market. Even a small 5% reduction in the regulatory budget (about $2.8 billion) is estimated to result in about $75 billion in expanded private-sector GDP each year, with an increase in employment by 1.2 million jobs annually. On average, eliminating the job of a single regulator grows the American economy by $6.2 million and nearly 100 private sector jobs annually. Conversely, each million dollar increase in the regulatory budget costs the economy 420 private sector jobs."

As stated by International Liberty: No wonder that even the pro-establishment crowd at the World Economic Forum ranks the United States as only 49th in the world when measuring “burden of government regulation.”