From Daily Caller: Federal regulations added record-breaking costs of $2.1 trillion for the average American in 2023, according to a study from the Competitive Enterprise Institute (CEI) released Tuesday.
The large sum incorporates the calculated impact of federal regulations as well as compliance costs, resulting in a “hidden tax” of $15,788 per U.S. household, CEI’s annual “Ten Thousand Commandments” report found. The Biden administration helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.
President Joe Biden’s new regulations on small businesses were also partially responsible for the increase, according to CEI.
“Biden’s three years have averaged 870 rules annually in the Federal Register affecting small business, compared with 694 and 701 for Obama and Trump, respectively,” wrote Clyde Wayne Crews Jr., the study’s author, who researches federal regulations at CEI.
In 2023, the Biden administration finalized 3,018 rules, the second lowest count since 1976. However, according to the report, the Federal Register pages detailing these rules reached the second-highest annual total on record. Regulations cost $2.1 trillion, or 8% of GDP, largely due to “Biden-era mandates” impacting state and local governments at unprecedented levels, according to a study.
The largest segment of federal regulation costs was economic regulation, totaling $522 billion, followed closely by environmental regulation at $422 billion. CEI’s “Ten Thousand Commandments” report also highlighted the extensive labor involved in creating these regulations.
🇺🇸 US government debt
1953: $0.2 trillion
1963: $0.3 trillion
1973: $0.4 trillion
1983: $1.4 trillion
1993: $4.2 trillion
2003: $6.4 trillion
2013: $16.4 trillionNow: $35 trillion
— The Spectator Index (@spectatorindex) July 30, 2024
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