September 23 2012
ObamaCare Adds Up to 80 Million Regulatory Compliance Hours
Vicki E. Alger
The U.S. House Committee on Ways and Means has some jaw-dropping stats on the regulatory burdens heading our way thanks to ObamaCare:
According to former Internal Revenue Service (IRS) Commissioner Fred Goldberg, and supported by the Obama Administration's own figures, ObamaCare "...in its current form will be a needless administrative and compliance quagmire for millions of Americans."
Based on IRS estimates approved by the Office of Information and Regulatory Affairs at the Office of Management and Budget, ObamaCare will take American job creators and families nearly 80 million hours to comply with. Over half of that will fall on small businesses. So, what can be done in 79,229,503 hours?
The Empire State building, which took 7 million man-hours to build, could be constructed 11 times.
The Curiosity Lander could travel from Earth to Mars 13,048 times.
Halley’s comet, seen from Earth once every 76 years, could be spotted 119 times.
Moreover, according to the Committee, the health care law has already “resulted in IRS and Treasury issuing thousands of pages of new rules and regulations, including 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings, and 14 Treasury decisions. Sixteen IRS regulations…will require nearly 80 million man-hours per year according to the IRS. Given the enormous impact the regulations will have on job creators, it is no wonder that a recent survey found that over 70 percent of small businesses cite the health care law as a major obstacle to job creation.”