Thursday, January 28, 2016

The Regulatory Juggernaut

It's time we shed some light on one big reason the economy continues to sputter. Yes, the tax burden is a huge problem and trying to paper over bad fiscal policy (unbridled spending) with easy money from the Fed is another. But it's time we talk about the hidden taxes of federal regulations--whose compliance costs now total $1.8 trillion dollars and as you can clearly see have been spinning out of control under the Obama administration. Indeed, the 2015 federal register totals 82,035 pages--the most since 1936. In fact, last year federal agencies issued some 3408 regulations--equivalent to a new rule hitting the books every two and half hours, according to Wayne Crews of the Competitive Enterprise Institute. And get this: unless the regulation is deemed 'officially significant' estimated to cost $100 million per year, the agency in question isn't required to conduct a cost-benefit analysis. That's why the SBA says regulations cost small business over $10,000 per employee in hidden taxes annually. Dodd-Frank, Obamacare, EPA all have a free rein to wreck havoc on the American economy so Congress should do its job and quite the over-delegation of rule making power to federal agencies and pass the Sunshine Act which would inform the American people just how much this regulatory juggernaut is costing them.

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