Tags: Barack Obama | George W. Bush | heritage foundation

Regs Under Obama Cost Business $122b Annually

Regs Under Obama Cost Business $122b Annually
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Monday, 02 October 2017 12:02 PM Current | Bio | Archive

Regulations imposed by the Obama administration increased regulatory costs to the private sector by $122 billion annually. Those are ongoing costs that will be incurred every year. The total was calculated by the Heritage Foundation based on assessments prepared by the rulemaking agencies.

It is the largest increase in regulatory costs imposed by any administration in American history. The comparable figure from the George W. Bush administration was a $68 billion increase.

The regulatory state has been growing dramatically since the 1970s. There are currently 283,996 employees at federal regulatory agencies. Those agencies now have a budget of $70 billion annually. After adjusting for inflation, regulatory spending is nine times as high today as it was in 1970.

It has been 45 years since a majority of Americans have trusted the federal government, a time frame that matches the growth of the Regulatory State. In my latest book, "Politics Has Failed: America Will Not," I make the case that this is no coincidence; the ongoing distrust of the federal government is directly related to the growth of the regulatory state.

In practical terms, the $122 billion growth in annual regulatory costs understates the impact of the Obama administration’s 23,627 rules. That figure includes costs only what are defined as "major" regulations — individual rules that will cost the private sector a minimum of $100 million annually. There are no official figures for the costs of less expensive regulations.

Additionally, according to the report authors, these results do not capture "intangible costs, such as lost innovation or violations of individual liberty."

Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology. Columns published on Ballotpedia reflect the views of the author.

Scott Rasmussen is a Senior Fellow for the Study of Self-Governance at the King’s College in New York and an Editor-At-Large for Ballotpedia, the Encyclopedia of American Politics. His most recent book, "Politics Has Failed: America Will Not," was published by the Sutherland Institute in May.To read more of his reports — Click Here Now.

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The regulatory state has been growing dramatically since the 1970s. There are currently 283,996 employees at federal regulatory agencies. Those agencies now have a budget of $70 billion annually.
heritage foundation
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2017-02-02
Monday, 02 October 2017 12:02 PM
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