If government regulation was literally made of red tape, adhesive manufacturers would be making a killing in the Obama economy.
Yesterday the Wall Street Journal editorial board noted how the president is a "Regulator Without Peer," citing analysis by Wayne Crews of the Competitive Enterprise Institute, who has a forthcoming annual review of federal regs, "Ten Thousand Commandments" slated to be unveiled on April 29 [click here for the 2013 study]. Read an excerpt of the WSJ's editorial below the page break, and leave us your thoughts on this or anything else on your mind in the comments thread (emphasis mine):
Congress may be mired in gridlock, but the federal bureaucracy is busier than ever. In 2013 the Federal Register contained 3,659 "final" rules, which means they now must be obeyed, and 2,594 proposed rules on their way to becoming orders from political headquarters.
The Federal Register finished 2013 at 79,311 pages, the fourth highest total in history. That didn't match President Obama's 2010 all-time record of 81,405 pages. But Mr. Obama can console himself by noting that of the five highest Federal Register page counts, four have occurred on his watch. The other was 79,435 pages under President George W. Bush in 2008.
And the feds aren't letting up. Mr. Crews reports that there are another 3,305 regulations moving through the pipeline on their way to being imposed. One hundred and ninety-one of those are "economically significant" rules, which are defined as having costs of at least $100 million a year. Keep in mind that the feds routinely low-ball their cost estimates so the public will continue to think regulation is free.
Drawing largely on government statistics, Mr. Crews estimates that the overall cost of regulatory compliance and its economic impact is about $1.9 trillion annually. This means that the burden of complying with federal rules costs roughly the annual GDP of Australia, Canada or Italy.
This regulatory tax makes U.S. businesses less competitive, but it also burdens every American because it is embedded in the prices of all goods and services. Mr. Crews estimates that "U.S. households 'pay' $14,974 annually in regulatory hidden tax," or 23% of the average income of $65,596.
All of this is the fruit of ObamaCare, Dodd-Frank, and the manifold other expansions of government that have marked the Obama years. By far their greatest and most tragic cost has been slower economic growth, which has meant fewer jobs, lower incomes and diminished economic possibilities for tens of millions of Americans.