We have essentially many independent lawmakers all burdening the nation with more laws at once—also called Federal regulations.
The truth is that $1.88 trillion is probably lower than the real amount that we have lost. It is impossible to know what opportunities we have lost from inventors and entrepreneurs who might have revolutionized the world but were barred from success by these obstructions.
From the Washington Times, “Bogged down: Federal regulations cost the nation $1.88 trillion in lost productivity, higher prices.”
The Competitive Enterprise Institute has just released its annual findings about government regulations and the real toll they take on the nation. The ambitious and exacting research reveals that federal regs and intervention cost U.S. consumers and businesses an estimated $1.88 trillion in lost economic productivity and higher prices last year.
The study is appropriately titled “The Ten Thousand Commandments.” It outlines the size, scope and cost of those many rules, framing them as the “hidden tax” of America’s regulatory state.
This regulatory cost works out to be an average of $14,976 per household, or 29 percent of an average family budget of $51,100.”
This is not just an economic drain but a legal and Constitutional crisis. Basically, rather than have a legislature we elect into office—Congress with its two branches, the House of Representatives and the Senate—we have multitudinous unelected legislative bodies. The President appoints their chiefs and Congress barely has any control over them (especially lately). They pile on the laws.
The current administration appears to be much more regulation-happy than its predecessor. The George W. Bush administration averaged 62 major regulations annually over eight years, while the Obama administration has averaged 81 major regulations annually over six years.
And there’s much more to come, the research found. Sixty federal departments, agencies and commissions currently have 3,415 new regulations already in development, and waiting in the pipeline. The top six federal rulemaking agencies account for 48 percent of all federal regulations. The culprits? The study identifies them as the Departments of the Treasury, Commerce, Interior, Health and Human Services plus Transportation and the Environmental Protection Agency.
The fact that none of us are surprised that this news story compares Presidential Administrations (Bush v. Obama) rather than Congressional terms shows you that we have been trained for unconstitutional despotism. The Chief Executive is, essentially, a legislator competing with Congress. This has reached crisis proportions even apart from Obama issuing executive orders to disregard and nullify Congressional legislation.