With the incoming President, many small businesses are hoping big changes are on the horizon for inconvenient Federal regulations. According to National Small Business Association, “Federal regulations were cited as the most burdensome kind by 58 percent of owners” versus local and state regulations. As this excerpt from ABC News explains
Businesses with fewer than 50 workers paid an average of $11,724 per employee to comply with federal regulations, compared with less than $10,000 for companies of all sizes, a 2014 report released by the National Association of Manufacturers found. Manufacturers with fewer than 50 workers paid an average of $34,671 per worker, while manufacturers of all sizes averaged $19,564.
For all the good President Obama did during his tenure, there have been rumblings of his overzealous nature as it pertains to regulations particularly in the financial an environmental sectors. The relief many small businesses will get should drive profits up as less regulation means less mandatory costs for many organizations. In addition, new rules focusing on overtime and Healthcare are set to change as well under a Trump administration.
When it came to handling a country in recession and navigating us towards greener pastures, Obama for the most part, did a terrific job. His weakness was his inability to grow the country as we transitioned out of it. Now with the Trump era beginning we will see if The Donald has what it takes to lead our country to prosperity.