President Barack Obama has announced a review of government regulations in order to identify those that hamper job creation and make the U.S. economy less competitive. In an op-ed in the Wall Street Journal, Obama said that some government regulations have placed “unreasonable burdens on business — burdens that have stifled innovation and have had a chilling effect on growth and jobs.” He said that in the future, he would require that government agencies “ensure that regulations protect our safety, health and environment while promoting economic growth.”
Some see this as an effort to assuage his troubled relationship with the business community, since he blamed the recklessness of Wall Street for the country’s economic woes. Considering that the recklessness of the banks and big business, along with lax government regulations, drove the country into the ground economically, we’re not sure why he’s trying to make them feel better about it. Sometimes the truth hurts. Deal with it.
Read more at Reuters.