Regulations on U.S. manufacturing may reduce output by as much as $500 billion this year, according to an industry-sponsored study that cast doubts on President Barack Obama's efforts to trim red tape in the federal government.
The Obama administration has established an average of 72 regulations on manufacturers annually, an increase from the 45 per year imposed under President George W. Bush, according to the study, commissioned by the Manufacturers Alliance for Productivity and Innovation, based in Arlington, Virginia.
"It is imperative that the pace of new regulations be controlled and the cumulative burden of existing regulations be reduced," said the study, conducted by NERA Economic Consulting.
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