Unable to Change Law Through Congress Biden Launches Worst Regulatory Deluge in History

"President Biden is leading an unprecedented expansion of the administrative state. In two years his Administration has imposed 517 regulatory actions with some $318 billion in total costs. By the same point in his Administration, President Obama had imposed 740 comparable rules with a cost of $208 billion. Across four years President Trump imposed 1,340 rules at a cost of $64.7 billion.

These figures come from the American Action Forum, which says that in 2022 alone federal agencies finalized 264 regulations with economic impact, totting up $117.1 billion in net regulatory costs. Another 311 proposed rules are in the pipeline and would cost $191.2 billion when final. Twenty-three of those rules will cost $1 billion each.

Regulatory costs to the economy are now reckoned to be at least $2 trillion, or roughly 8% of U.S. gross domestic product in 2021, according to Wayne Crews at the Competitive Enterprise Institute. If you think of regulation as a tax, Mr. Crews notes, it would be larger than the federal income tax and come out to around $14,684 per family. If the cost of U.S. regulation were a country, it would rank a little behind France’s GDP."

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