To understand what is wrong with the regulatory culture of the U.S. under President Obama, consider this alarming statistic: Today, according to the World Bank—not exactly a right-wing think tank—the U.S. ranks 46th in the world in terms of ease of starting a business. That is unacceptable.

Think what the U.S. could be and the prosperity we could have if we rolled back the overregulation that keeps us from ranking in the top 10. It wouldn’t just be easier to start a business. It would also be easier to find a job, get lifesaving...