The Competitive Enterprise Institute has released a troubling report on the impact of federal regulation on America’s economy.
The study finds that that Washington’s requirements impose a heavy burden on the nation, costing $1.863 trillion annually; that’s 11.1% of the U.S. GDP. Compliance costs the private sector more than the entire corporate income tax. Administering this vast body of regulations, which outnumber actual laws by a factor of 51 to one, costs as much as $57.3 billion.
The actual price tag for each household stands at $14,974 each year, more than the average spent by families for food, transportation, entertainment, apparel, or services.
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Four of the five all-time high Federal Register page counts have occurred under the Obama Administration. Pages devoted to final rules have risen to an all-time high of 26,417. The problem is getting worse. 3,305 new regulations are in the pipeline, many affecting small business at a time when they are exceptionally vulnerable.
CEI notes that agencies have failed to examine whether the alleged benefits from all this red tape exceeds the dramatic costs. There is an even more central question: should—and is it constitutional–that this extraordinary level of control over the actions of U.S. citizens and businesses be delegated to unelected agencies?