“Day One”

Romney Launches New Ad Buy In Four Swing States – New ad buy follows $1.3 million campaign announced last week, and will air in North Carolina, Ohio, Iowa, and Virginia.

Let’s take a look at Romney’s latest AD “Day One, Part Two”

Mitt Romney proclaims: “There will be more to do on Day One: deficit reductions, stand up to China, and repeal job-killing regulations.”

Now let’s dissect this AD  like a fetal pig:

*Note:  I’m a semi-retired nurse, and I dissected a fetal pig in biology lab.  And honestly, this is exactly what it’s like to get at the truth about Mitt and his GOP cohorts.

ROMNEY WOULD MAKE PERMANENT THE BUSH TAX CUTS FOR THE WEALTHIEST AND ADD TRILLIONS TO THE DEFICIT

Romney’s Tax Plan Includes An Extension Of The Bush Tax Cuts.“Governor Romney would permanently extend all the 2001 and 2003 tax cuts now scheduled to expire in 2013.” [Tax Policy Center, The Romney Plan (updated), 3/1/12]

·        Economic Policy Institute: “Bush-Era Tax Cuts Conferred Disproportionate Benefits On Those At The Top Of The Earnings Distribution,” “The Top 1% Of Earners (i.e., Tax Filers Making Over $645,000) Received 38% Of The Breaks.” [Andrew Fieldhouse and Ethan Pollack, Economic Policy Institute, 6/1/11]

Center On Budget And Policy Priorities: Romney’s New Tax Cuts Would Cost $4.9 Trillion Over A Decade, On Top Of The Cost Of Extending The Bush Tax Cuts.“The Tax Policy Center estimates that the Romney tax plan would lose about $480 billion in tax revenue in calendar year 2015, beyond the revenues losses inherent in maintaining current policy (such as continuing all of the 2001 and 2003 Bush tax cuts).  Over the 2014-2022 period, that implies a total reduction in revenues of about $4.9 trillion, relative to current tax policy.” [Center on Budget and Policy Priorities, 5/21/12]

ROMNEY VOWS TO REPEAL DODD-FRANK BUT HAS NO PLANS FOR PREVENTING ANOTHER FINANCIAL CRISIS

Headline: “Mitt Romney Mum On How To Regulate Big Banks” [Boston Globe, 5/2/12]

Romney Pledge To Repeal Dodd-Frank But Has Been Silent On How He Would Prevent Wall Street From Engaging In The Risky Practices That Helped Cause The 2008 Financial Crisis.“Republican Mitt Romney is pledging, if he is elected president, to repeal the Dodd-Frank financial regulations, a position favored by donors on Wall Street who have sent millions the candidate’s way. But he is nearly silent on how – without the regulation – he would prevent Wall Street from once again engaging in the risky practices that helped cause the 2008 financial crisis.” [Boston Globe, 5/2/12]

In His 150 Page Economic Plan, Romney Does Not Specify What Kind Of Financial Regulation Is Necessary.“Romney has been particularly vague about the Wall Street crash and the causes of the Great Recession. His 150-page economic plan acknowledges that financial regulation is necessary, but he doesn’t specify which kind.” [TIME,12/12/11]

ROMNEY CRITICIZED OBAMA FOR IMPOSING TARIFFS ON CHINESE TIRES CALLING IT “PROTECTIONISM”

Romney: Obama’s Chinese Tire Tariffs Are “Bad For The Nation And Our Workers” And Called It “Protectionism.” “President Obama’s action to defend American tire companies from foreign competition may make good politics by repaying unions for their support of his campaign, but it is decidedly bad for the nation and our workers. Protectionism stifles productivity.” [Romney, No Apology (Case for American Greatness), Page 119 (audio available)]

…THEN CLAIMED THAT HE WOULD IMPOSE TARIFFS ON CHINA

Romney Said He Would Clamp Down On China By Designating Them A Currency Manipulator And Which “Allows Us To Apply Tariffs.”In an interview with Mitt Romney, Greta Van Susteren asked, “So what’s sort of the mechanics of your clamping down on China?” Romney, “Well, first of all is to designate China as a currency manipulator, which allows us to apply tariffs to goods where we think their manipulation is having the greatest impact, and particularly in places where they’re stealing our intellectual property. And you know, that means our patents, our designs, our know-how, where they are stealing, where they’re hacking into our computer systems or where they’re doing — as we saw the other day, selling out of stores, Apple stores, apparently, Apple goods, and they weren’t really legitimate Apple stores or legitimate Apple goods. Look, when that sort of thing is happening, we have to take corrective action. You can’t just sit there and take that year after year. America has to say that if you’re going to enter into an agreement with this country that we expect you to live by it. And right now, they’re selling to America a multiple of what we sell to them, and that’s not something that can go on forever. It’s clearly the result of currency manipulation. That’s got to end. And tariff and currency manipulator status is one way to do that.” [On The Record With Greta Van Susteren, Fox, 9/6/11]

Romney Said He Would Put Tariffs On China “If They Don’t Abide By The Rules.”In an interview with Mitt Romney, Larry Kudlow asked what Romney’s corrective actions would be on China.  Romney said, “Well, you take a–when you negotiate, you let them know that you’re willing to take whatever action is necessary, and that would include, for instance, if they’ve stolen intellectual property on a particular series of goods that you’re going to put tariffs on their products if they don’t abide by the rules.”[Kudlow Report, CNBC, 9/6/11]

PRESIDENT OBAMA HAS WORKED TO RESTORE FISCAL RESPONSIBILITY, PUTTING FORTH A PLAN TO RESPONSIBLY REDUCE THE DEFICIT BYMORE THAN $4 TRILLION OVER THE NEXT DECADE, INCLUDING $2 TRILLION IN CUTS ALREADY ENACTED

CONTRARY TO REPUBLICAN CLAIMS, FEDERAL SPENDING IS RISING AT THE SLOWEST PACE SINCE DWIGHT EISENHOWER WAS PRESIDENT UNDER PRESIDENT OBAMA

Under President Obama Federal Spending Is Rising At The Slowest Pace Since Dwight Eisenhower Brought The Korean War To An End In The 1950s. “Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree. As would-be president Mitt Romney tells it: “I will lead us out of this debt and spending inferno.” Almost everyone believes that Obama has presided over a massive increase in federal spending, an “inferno” of spending that threatens our jobs, our businesses and our children’s future. Even Democrats seem to think it’s true. But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.” [Rex Nutter, MarketWatch, 5/22/12]

PRESIDENT OBAMA ENTERED OFFICE FACING THE LARGEST DEFICIT RELATIVE TO THE ECONOMY SINCE WWII, AND HAS WORKED TO GET THE NATION’S FISCAL HOUSE IN ORDER BY PROPOSING A PLAN TO REDUCE THE DEFICIT BYMORE THAN $4 TRILLION OVER THE NEXT DECADE

The President’s Budget, Incorporating Deficit Reduction Enacted In 2011, Would Cut The Deficit By More Than $4 Trillion Over The Next Decade.“That is why in this Budget, the President again has put forward a plan that will, together with the deficit reduction enacted last year, cut the deficit by more than $4 trillion over the next decade. This would put our Nation on the right course toward a level of deficits of below 3 percent of GDP by the end of the decade.” [FY2013 Budget, White House Office Of Management And Budget, p.2, February 2012]

August 2011: President Obama Signed The Budget Control Act, Which Included $2 Trillion In Deficit Reduction. “The Budget Control Act (BCA) of 2011 imposed caps on discretionary programs that will reduce their funding by more than $1 trillion over the ten years from 2012 through 2021, relative to the Congressional Budget Office (CBO) baseline from 2010.  It also established a Joint Select Committee on Deficit Reduction to propose legislation reducing deficits by another $1.2 trillion over that period, and established a backup “sequestration” procedure to increase the incentive on the Joint Committee to reach a compromise.”[Center On Budget And Policy Priorities, 4/27/12]

The President’s FY2013 Budget Would Reduce The Deficit To Three Percent Of GDP Over The Next Decade.“The President’s budget request specifies spending and revenue policies for the 2013–2022 period and also includes initiatives that would have budgetary effects in fiscal year 2012.3CBO estimates that enactment of the President’s proposals would have the following conse­quences for the budget: …The deficit would decline further relative to GDP in subsequent years, reaching 2.5 percent by 2017, but then would increase again, reaching 3.0 percent of GDP in 2022.” [“An Analysis Of The President’s 2013 Budget,” Congressional Budget Office ,March 2012]

The Deficit For Fiscal Year 2009, Which Began More Than Three Months Before President Obama’s Inauguration, Was The Largest Deficit Relative To The Economy Since The End Of World War II. “The deficit for fiscal year 2009 — which began more than three months before President Obama’s inauguration — was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), the largest deficit relative to the economy since the end of World War II. At $1.3 trillion and nearly 9 percent of GDP, the deficit in 2010 was only slightly lower. If current policies remain in place, deficits will likely resemble those figures in 2011 and hover near $1 trillion a year for the next decade.” [Center On Budget And Policy Priorities, 5/10/2011]

Fifty Nine Percent Of The Shift From Surplus To Deficit By 2011 Is Directly Attributable To Bush Administration Policies, While Only 12 Percent Is Attributable To The Obama Administration’s Policies. According to the Department of Treasury, in January 2001, CBO projected cumulative surpluses would total $5.9 trillion through 2011. Instead, cumulative deficits have totaled $6 trillion. A U.S. treasury analysis based on CBO data shows that fifty-nine percent of the shift from surpluses to deficits is attributable to Bush administration policies including Bush-era tax cuts, the wars in Iran and Afghanistan, changes to Medicare Part D, and other spending. Twenty nine percent of the shift from surpluses to deficits is attributable to conditions unrelated to legislation, including updated economic and demographic projections. Twelve percent is attributable to Obama administration policies, including the Recovery Act, the December 2010 tax law, and other spending and tax cuts. [U.S. Department Of Treasury Calculations Based On Congressional Budget Office Data, U.S. Department Of Treasury, 2/19/12]

New York Times: “What Makes Mr. Obama’s Effort Stand Out Is The Sheer Size Of The Proposed Deficit Reduction As The Nation Emerges From The Worst Economic Crisis Since The Great Depression…” “Presidents of both parties typically do much the same, going into great detail about the budget’s winners and leaving the losers vague or unspoken. What makes Mr. Obama’s effort stand out is the sheer size of the proposed deficit reduction as the nation emerges from the worst economic crisis since the Great Depression, a crisis that resulted in lower revenue for the Treasury and large doses of temporary spending and tax cuts to keep the economy from collapse.”[New York Times, 2/12/12]

WHEN PRESIDENT OBAMA TOOK OFFICE THE ECONOMY WAS SHEDDING HUNDREDS OF THOUSANDS OF JOBS PER MONTH, AND UNDER HIS LEADERSHIP THE ECONOMY HAS NOW ADDED MORE THAN 4.2 MILLION JOBS OVER 26 MONTHS OF PRIVATE SECTOR JOB GROWTH

WHEN PRESIDENT OBAMA TOOK OFFICE THE ECONOMY WAS SHEDDING HUNDREDS OF THOUSANDS OF JOBS PER MONTH

The Economy Lost Over 4 Million Jobs Between The Beginning Of The Recession And January 2009. In December 2007, the U.S. economy had 137,982,000 nonfarm jobs. In January 2009, the U. S. economy had 133,561,000 nonfarm jobs, a loss of 4,421,000 nonfarm jobs over this period. [Bureau of Labor Statistics, accessed 10/7/2011]

The Economy Shed An Average Of 750,000 Jobs Per Month When President Obama Took Office. The U.S. economy lost 661,000 nonfarm jobs in December 2008, 818,000 nonfarm jobs in January 2009, 724,000 nonfarm jobs in February 2009, and 799,000 nonfarm jobs in March 2009. The average nonfarm loss over these four months is 751,000. [Bureau of Labor Statistics, accessed 11/11/2011]

THE ECONOMY HAS ADDED MORE THAN 4.2 MILLION PRIVATE SECTOR JOBS OVER THE LAST 26 CONSECUTIVE MONTHS OF PRIVATE SECTOR JOB GROWTH

The U.S. Economy Has Added More Than 4.2 Million Private Sector Jobs In The Last 26 Months. In February 2010, the U.S. economy employed 106,773,000 people in the private sector. In April 2012, the U.S. economy employed 111,020,000 people in the private sector, gaining 4,247,000 jobs over the 26 month period. [Bureau of Labor Statistics, accessed 5/4/2012]

Private Sector Job Growth Has Continued For 26 Consecutive Months.[Bureau of Labor Statistics, accessed 5/4/2012]

IN THE CURRENT RECOVERY, THE ECONOMY HAS ADDED 5 TIMES, OR OVER 2.5 MILLION, MORE PRIVATE SECTOR JOBS THAN DURING THE 2000-2001 RECOVERY

Over The Last 34 Months Of The Current Recovery, From June 2009 Through April 2012, The U.S. Economy Has Added 3,087,000 Private Sector Jobs. In June 2009, the U.S. economy employed 107,933,000 people in the private sector. In April 2012, the U.S. economy employed 111,020,000 people in the private sector, gaining 3,087,000 private sector jobs over the 34 month period. [Bureau of Labor Statistics, accessed 5/4/2012]

Over The 34 Months Following 2000-2001 Recession, From November 2001 Through September 2004, The U.S. Economy Added 564,000 Private Sector Jobs. In November 2001, the U.S. economy employed 109, 572,000 people in the private sector. In September 2004, the U.S. economy employed 110,136,000 people in the private sector. [Bureau of Labor Statistics, accessed 5/4/2012]

PRESIDENT OBAMA HAS CONSISTENTLY TAKEN ACTION TO PROTECT AMERICANWORKERS AND BUSINESSES FROM UNFAIR CHINESE TRADE PRACTICES

PRESIDENT OBAMA HAS USED – FOR THE FIRST TIME EVER – SAFEGUARD PROVISIONS TO PROTECT AMERICAN JOBS FROM CHINESE COMPETITION

President Obama Said He Will Not Stand By When China Doesn’t Play By The Rules.“I will take action if our workers and our businesses are being subjected to unfair practices. Since I took office, we’ve brought trade cases against China at nearly twice the rate as the last administration, and these actions are making a difference. [President Obama, 3/13/12]

President Obama Imposed Stiff Tariffs On Chinese-Made Tires, For The First Time Imposing Safeguard Provisions To Protect A US Industry From Chinese Competition.  “The Obama administration will impose stiff tariffs on imports of Chinese-made tires after finding that a surge of imports has disrupted the U.S. domestic market… It is the first time the U.S. government has imposed special ‘safeguard’ provisions to protect a U.S. industry from Chinese competition.”  [MarketWatch, 9/11/09]

The International Trade Commission Estimated That Tariffs On Chinese Tires Would Save The Equivalent Of Approximately 1,200 American Jobs.“Commissioner Lane notes that in the first year of relief, the average of the outcomes from the COMPAS Model shows that the domestic industry’s domestic sales are likely to increase by approximately 6.8 million units on average. Although the model does not specifically project the impact of such an  increase in output on employment, at the highest level of productivity reflected in the period of investigation 6.8 million tires would equate to over 2.3 million additional hours for production related workers in the industry. While these hours may be a combination of additional hours for existing employees and new jobs, they nevertheless equate to nearly 1,200 jobs on a full-time basis.” [ITC Report, “Certain Passenger Vehicle and Light Truck Tires from China,” [International Trade Commission, July 2009] ]

United Steelworkers International President Leo Gerard Praised The Tariffs, Saying, “Today, President Obama Made Clear That He Will Enforce America’s Trade Laws And Stand With American Workers.” “The USW strongly supports President Obama’s decision to provide relief in response to proven surges of tire exports from China. The International Trade (ITC) Commission upheld the union’s complaint after extensive review. ‘For far too long, workers across this country have been victimized by bad trade policies and government inaction,’ Gerard said. ‘President Obama has made clear that he will enforce America’s trade laws and stand by American workers.’”.” [United Steelworkers International Press Release,9/14/09]

The U.S. Won A Subsequent WTO Case Against China Over The Tire Tariffs.“China has lost its appeal of a World Trade Organization ruling that the United States may raise import taxes on Chinese tires by as much as 35 percent. An appeals panel said that American officials ‘acted consistently’ with international trade laws, the latest in a series of trade skirmishes between the United States, the world’s biggest importer, and China, the world’s biggest exporter. China argued the three-year tariff President Obama approved in 2009 on top of a regular 4 percent import duty was protectionist and would hurt China’s tire industry.” [Associated Press, 9/5/11]

THE OBAMA ADMINISTRATION IS BRINGING TRADE COMPLAINTS AGAINST CHINA TO THE WORLD TRADE ORGANIZATION AT NEARLY TWICE THE RATE OF THE BUSH ADMINISTRATION

The Obama Administration Has Filed Six Trade Complaints Against China To The WTO In Its First Three And A Half Years, Bringing Cases At Nearly Twice The Rate Of The Bush Administration.Under the first three and a half years of the Obama Administration, the U.S. has filed 6 complaints against China with the World Trade Organization. Under the eight years of the Bush Administration, the U.S. filed 7 complaints against China with the WTO. [WTO List Of Disputes Cases, Accessed 3/22/12]

The Obama Administration Won A WTO Case Against China Resulting In The WTO Ordering China To Scrap Anti-Competitive Quotas And Tariffs On Nine Widely Used Industrial Materials.“The appeals panel of the World Trade Organization ruled on Monday that China must dismantle its system of export taxes and quotas for nine widely used industrial materials…[The] appeals group said on Monday that the overall effect of China’s export restrictions was harming international trade and the policies would have to be scrapped. The case was filed in 2009 against China by the United States, the European Union and Mexico.” [The New York Times, 1/30/12]

Ø  Member And Former WTO Appellate Body Chairman James Bacchus: The Administration’s Victory At The WTO Is A “Major Win For The United States.”“’This is a major win for the United States,’ said James Bacchus, a former chairman and longtime member of the Appellate Body, who now helps lead the global trade practice in the Washington office of the law firm Greenberg Traurig.” [The New York Times,1/30/12]

PRESIDENT OBAMA IS PURSUING STRONGER TRADE AND INTELLECTUAL PROPERTY ENFORCEMENT AGAINST CHINA

President Obama Created The Interagency Trade Enforcement Center To Bring Experts Together To Fight Unfair Trade Practices By Nations Including China.“President Barack Obama signed an executive order creating a U.S. panel to investigate unfair trade practices by nations including China. The Interagency Trade Enforcement Center will bring together lawyers, researchers, analysts and government agents to monitor and enforce trade agreements and laws.” [Bloomberg, 2/28/12

President Obama Said, “We’re Going To Aggressively Protect Our Intellectual Property…It Is Essential To Our Prosperity And Will Only Become More So In This Century.” “We’re going to aggressively protect our intellectual property. Our single greatest asset is the innovation and the ingenuity and creativity of the American people. It is essential to our prosperity and it will only become more so in this century.”  [Remarks by the President at the Export-Import Bank’s Annual Conference, 3/11/10]

China Affirmed This Pledge At The May 2011 U.S.-China Strategic And Economic Dialogue.“China pledged to improve its high-level, long-term intellectual property rights (IPR) protection and enforcement mechanism, building on the current Special Campaign Against IPR Infringement and Fake and Shoddy Products.” [The 2011 U.S.-ChThe Obama Administration Released The First Ever Joint Strategic Plan On Intellectual Property Enforcement, Covering 33 Action Items. “One year ago our office released the first ever Joint Strategic Plan on Intellectual Property Enforcement (Strategy) which uses six general principles, covering 33 action items. In formulating the Strategy, we drew on the input of over 1,600 public comments, as well as the coordinated efforts of the U S Government agencies that have a stake in intellectual property…” [U.S. Intellectual Property Enforcement Coordinator Joint Strategic Plan, June 2011] in a Strategic and Economic Dialogue U.S. Fact Sheet, 5/10/2011

PRESIDENT OBAMA HAS PRESSED CHINA REPEATEDLY ON MONETARY POLICY AND HAS GAINED COMMITMENTS FROM CHINA ON EXCHANGE RATE REFORM

PRESIDENT OBAMA HAS REPEATEDLY SAID THAT THE UNITED STATES WOULD NO LONGER TOLERATE DELIBERATE CURRENCY MANIPULATION

November 2011: President Obama Said That “Enough Is Enough” On The Too-Slow Appreciation Of The Yuan.“President Barack Obama kept up his pressure on China’s foreign-exhange policy and trade practices, saying ‘enough’s enough’ on what the U.S. views as a too-slow appreciation of the yuan…’Changes are difficult for them politically, I get it,’ Obama said at a news conference concluding a summit with Asia- Pacific leaders in Hawaii yesterday. ‘But the United States and other countries, I think understandably, feel that enough’s enough.’” [Bloomberg, 11/14/11]

The New York Times Said That President Obama “Repeatedly” Made The Point That The United States Would No Longer Tolerate Deliberate Currency Manipulation During Talks With China’s Prime Minister.“Mr. Obama has tried to use the rising public anger over China’s trade advantage to argue to Chinese leaders that the United States would no longer tolerate deliberate currency manipulation, a point Mr. Obama made repeatedly in a meeting last week with Wen Jiabao, China’s prime minister. He did so again on Wednesday in Des Moines, where one businessman asked the president about the issue.” [New York Times, 9/29/2010]

January 2011: President Obama Pressed China On Its Intervention In Its Currency Markets.  “The RMB is undervalued.  The Chinese government has intervened very forcefully in the currency markets.  They’ve spent $200 billion just recently, and that’s an indication of the degree to which it’s still undervalued. President Hu has indicated he’s committed to moving towards a market-based system.  And there has been movement, but it’s not as fast as we want. [Joint Press Conference Transcript, 1/19/11]

November 2010:President Obama Criticized China’s Monetary Policy At The G-20 Summit.  Scrapping a longtime practice of speaking with diplomatic caution about China’s currency policy, Mr. Obama accused Beijing of intervening aggressively to keep its currency,the renminbi, below its market value to promote exports. He said it was a mistake for nations to think that “their path to prosperity is paved simply with exports to the United States…Precisely because of China’s success, it’s very important that it act in a responsible fashion internationally,” Mr. Obama said at a news conference at the conclusion of the economic summit meeting here. [New York Times 11/12/10]

September 2010: President Obama Focused On Encouraging China to Revalue its Currency.“President Obama increased pressure on China to immediately revalue its currency on Thursday, devoting most of a two-hour meeting with China’s prime minister to the issue and sending the message, according to one of his top aides, that if “the Chinese don’t take actions, we have other means of protecting U.S. interests.” [New York Times 09/23/10]

April 2010: President Obama Pressed China to Revalue Its Currency. “’With respect to thecurrency issue, President Hu and I have had a number of frank conversations,’ Obama told reporters. In diplomatic terms, the word ‘frank’ typically means neither side held back. ‘I have been very clear of the fact that it is my estimation that the RMB (yuan) is undervalued, and that China’s own decision in previous years to begin to move toward a more market-oriented approach is the right one,’ Obama said.” [Reuters 04/13/2010]

Ø  President Obama Said, “The Reason I’m Pushing China About Their Currency Is Because Their Currency Is Undervalued.” ”The reason that I’m pushing China about their currency is because their currency is undervalued,” he said, adding: ”People generally think that they are managing their currency in ways that make our goods more expensive to sell and their goods cheaper to sell here. And that contributes — that’s not the main reason for our trade imbalance — but it’s a contributing factor to our trade imbalance.” [New York Times, 9/30/2010]

THE CHINESE YUAN HAS RISEN MORE THAN 8 PERCENT AGAINST THE DOLLAR SINCE JUNE 2010

The Chinese Yuan Has Risen 8.3% Against The Dollar Since June 2010. “The yuan has risen 8.3% against the U.S. unit since June 2010, when China effectively ended its currency’s two-year-long peg to the dollar and vowed to make the yuan more flexible. [Dow Jones, 4/13/12]

Ø  Critics Of China’s Currency Policy Now Say That The Yuan Is Now Only “Very Modestly” Undervalued.“’The U.S. should be praising China for reducing its external surplus so rapidly since 2007,’ said Nicholas Lardy, a China expert at the Peterson Institute for International Economics. The head of the institute, C. Fred Bergsten, has been a leading critic of China’s currency, saying the yuan was 40 percent undervalued. But Lardy says the gap is now ‘very modest, not more than 10 percent.’” [Reuters, 4/13/12]

PRESIDENT OBAMA INITIATED AN OVERHAUL OF THE REGULATORY SYSTEM THAT CUTS RED TAPE AND WILL SAVE BUSINESSES $10 BILLION OVER THE NEXT FIVE YEARS

PRESIDENT OBAMA INITIATED A REGULATORY OVERHAUL TO SAVE BUSINESSES BILLIONS

President Obama Initiated An Overhaul Of The Regulatory System Which Will Roll Back Hundreds Of Burdensome Regulations, Saving Businesses $10 Billion In The Next Five Years. “Months of work aimed at slashing red tape imposed by agencies across the federal government are culminating Tuesday as the Obama administration releases its final regulatory reform plans that officials say will save businesses $10 billion over five years.” [Politico ,8/23/11]

The Overhaul Resulted In More Than 500 Regulatory Reforms From 26 Different Agencies.“Seven months after receiving an executive order to cut red tape, federal agencies today released their final plans for cutting burdensome regulations, unveiling hundreds of changes that are estimated to save billions of dollars and millions of hours of paperwork in the coming years. Following a public comment period that ended earlier this summer, 26 agencies released their final reports today outlining some 500-plus reforms. White House regulatory czar Cass Sunstein wrote in an editorial in The Wall Street Journal today that a dozen of the most far-reaching changes are estimated to save businesses some $10 billion over the next five years.” [New York Times Green Blog 8/23/11]