About Me

My photo
This site is the inspiration of a former reporter/photographer for one of New England's largest daily newspapers and for various magazines. The intent is to direct readers to interesting political articles, and we urge you to visit the source sites. Any comments may be noted on site or directed to KarisChaf at gmail.

Wednesday, April 30, 2014

U.S. Regulatory Costs Are World's No. 10 Economy -- By John Merline, IBD

The Obama administration has had 42% more "economically significant" rules in the pipeline, on average, each year than the Bush administration....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."

 (Click link below to read more)
READ MORE Sphere: Related Content

No comments:

Post a Comment