Red Tape Rising – Federal Regulations Choke Economy

Last year in January, President Obama pledged a new get-tough policy on over-regulation.  In the year since that pledge the feds have imposed 32 new major regulations which will cost almost $10 billion annually along with another $6.6 billion in one-time implementation costs.

The Heritage Foundation has a new report which documents the regulatory regime of the Obama administration.  The abstract reads:

During the first three years of the Obama Administration, 106 new major federal regulations added more than $46 billion per year in new costs for Americans. This is almost four times the number—and more than five times the cost—of the major regulations issued by George W. Bush during his first three years. Hundreds more regulations are winding through the rulemaking pipeline as a consequence of the Dodd–Frank financial-regulation law, the Patient Protection and Affordable Care Act, and the Environmental Protection Agency’s global warming crusade, threatening to further weaken an anemic economy and job creation. Congress must increase scrutiny of regulations—existing and new. Reforms should include requiring congressional approval of major rules and mandatory sunset clauses for major regulations.

See the full report here.   It seems that there is a great difference between rhetoric and reality.


See also:

The economy, the deficit, and the blame game