President Obama announced today that he is withdrawing proposed new ozone regulations that the Environmental Protection Agency estimated would cost the U.S. economy $90 billion per year. Obama said he hoped the decision would reduce the "regulatory burdens and regulatory uncertainty" that are hampering job creation.
Obama's retreat on the ozone standards will not remove the biggest regulatory uncertain hindering U.S. job creation: the EPA's impending global warming regulations. According to the EPA's own analysis, the permitting costs of global warming regulations for small businesses alone would be $76 billion a year. That figure does not include the hundreds of billions in costs to the U.S. economy from the higher energy prices any cap on carbon production would cause.
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