The U.S. Chamber of Commerce used its annual Labor Day briefing today to call on the Obama administration and Congress to get rid of regulations choke-holding U.S. businesses and take immediate steps toward job growth.
According to its release following the 10 a.m. briefing in Washington, the Chamber plans to send a jobs plan to the president and Congress next week “outlining specific, practical steps we can take to help quickly create new jobs,” including approve pending trade agreements and “remove the regulatory barriers that are weighing down our economy.”
“The economic data tells the story,” said Martin Regalia, the Chamber’s chief economist. “The current policies coming out of Washington are not creating economic growth. Both the administration and Congress need to come together to remove the barriers to job creation and open up new markets.”
Randy Johnson, the Chamber’s senior vice president of labor, immigration and employee benefits, pointed out that employers are spending close to $8 trillion on total compensation and $1.5 trillion on employee benefits, while covering 170 million Americans with health insurance and more than 100 million in pension plans.
“Businesses want to expand and hire more workers,” he said, “but they continue to be held back by a rising mountain of burdensome regulations … .
“Still, we are in difficult economic times,” Johnson said, “and it is distressing that [increasing regulations continue to impose] uncertainty and increased costs on employers.”