After years of rapid growth during the Obama administration, the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world. That's according to the latest annual report on the regulatory state issued by the free-market Competitive Enterprise Institute, titled "Ten Thousand Commandments." Compiling reports of compliance costs from various government agencies and outside sources, author Clyde Wayne Crews found that the "regulation tax" imposed on the economy now tops $1.86 trillion.
By comparison, Canada's entire GDP is $1.82 trillion.
India's is $1.84 trillion.
The problem, Crews notes, is that the combined cost of
this "tax" never shows up anywhere in the federal budget — or any
other official report — even though it is now bigger than individual and
corporate income taxes combined. As a result, "policymakers find it easier to impose
regulatory costs relative to undertaking more government spending," Crews
notes, "because of the lack of disclosure and accountability for
regulatory costs."
Among the findings in the report:
On a per-household basis, federal regulatory costs
average $14,974, which is more than the typical household spends on just about
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