Will the ‘regulatory cliff’ cause another economic collapse in the U.S.?

It seems the entire talk is over the fiscal cliff, but some Republicans in Washington and several business groups are discussing the upcoming “regulatory cliff” that many say could be just as damaging to the United States economy.

This new report from the Associated Press notes that the White House and federal agencies have put numerous regulations that stretch from Wall Street to workplace safety to power plant pollution on the back burner. This was mostly done because of the presidential election.

For the past few weeks, President Barack Obama has begun to take a look at the expiring regulations, updating the present ones and even introducing some new regulatory rules to abide by.

Republican Oklahoma Senator James Inhofe published a 14-page report on the president’s “job-killing regulations.”  GOP legislators are fearing the worst possible outcome if these regulations are put forward.

“Under an Obama EPA that has earned a reputation for abuse, American families will be subjected to a regulatory onslaught that will drive up energy prices, destroy millions of jobs and further weaken the economy,” Inhofe wrote in the report.

The entire AP article can be found here.

John Stossel of the Fox Business Network (FBN) has done quite a number of stories on the disastrous consequences of federal and state regulations.  The video can be found below.

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