Government regulations have hidden costs not included in the roughly $4 trillion of direct federal government spending.
The US Government forced Americans to spend $1.9 trillion in 2016 to comply with federal regulations.
That’s according to the latest annual “10,000 Commandments” report by Wayne Crews of the Competitive Enterprise Institute.
‘If it were a country, US regulation would be the world’s seventh-largest economy, ranking behind India and ahead of Italy,’ wrote Mr. Crews.
Our regulatory tab is nearly as large as the total pre-tax profits of all corporations.
The yearly cost of federal regulation soared by more than $700 billion in nominal dollars from Mr. Bush's last year of 2008, through Mr. Obama’s last year of 2016.
Red tape from Washington is reflected in the number of pages of proposed and final rules printed in the Federal Register.
Seven of the ten highest annual Federal Register page counts occurred under President Obama ... who must be disappointed that all eight of his years did not get into the top ten!
Recall that the eight Obama years averaged only 1.5% real economic growth.
The Federal Register finished 2016 at 95,894 pages, the highest level in history and 19% higher than the already high 2015 count of 80,260 pages.
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