Regulation Nation: Obama Hits Major Rule #600
Trillions in lost economic growth as a result.
We noted last week that if Barack Obama’s fantastic economic recovery had been even average, the U.S. would have another $2.2 trillion in GDP. The reason for that is his regulatory bonanza. What do we mean by that? Well, The Wall Street Journal reports, “Obama’s regulators have completed their 600th major rule. A major rule imposes costs of more than $100 million. For those keeping score, that’s an average of 81 big ones a year, or roughly one every three days the government is open. Who says our bureaucracies are inefficient?” Team Obama has issued 100 major rules in the last year, and the regulator in chief still has nearly six months left with his phone and pen.
What are some of these rules? For example, The Washington Examiner provides a list of the seven most expensive climate regulations. Among them: $156 billion for lower vehicle emissions, $27.3 billion for refrigerator efficiency and $13 billion for florescent lights.
As is implied by the cost to GDP, regulations are a form of taxation. These 600 rules have cost $743 billion, or nearly $2,300 for every American. As the Journal notes, “This eventually shows up in higher prices, or fewer jobs created, or reduced profits and wages.”
Obama promised to “fundamentally transform” our nation, and his regulations are a big part of doing that. The end result is economic growth of a paltry 1-2%.
- regulatory commissars