Federal rules amount to the fourth largest economy in the world.
It might not have its own government, citizens or flag, but the world’s fourth largest economy has become a force — and a threat — to be reckoned with. What constitutes this mysterious economic might? None other than the $4 trillion in federal regulations imposed by the U.S. government. You read that correctly. If the cost of government regulations were its own country, it would boast the fourth-largest GDP in the world — bigger than the economies of Germany, France, Brazil, Russia, Italy, and the United Kingdom. And it’s just a couple of hundred billion away from matching the entire federal budget.
This bombshell comes courtesy of a new study by the Mercatus Center, which analyzed data from 1977 through 2012 to discover the cumulative costs of regulations (or, more accurately, taxes by a different name). While most studies of the economic impact of regulations have focused on select industries and/or specific regulations, the Mercatus study looked at data across 22 industries.
The picture ain’t pretty......To Read More...